United America Indemnity, Ltd. Reports Second Quarter 2008 Results Jul 29, 2008
-- Casualty loss ratio - Increased 2 ... -- Casualty loss ratio - Increased 2. (PR Newswire)
Federal housing bill contains Road Home tax relief Jul 24, 2008
Thousands have paid increased taxes because they received Road Home grants of up to $150,000 while also claiming casualty losses from hurricanes Katrina or Rita in 2005 ... The agency required people who received a grant and took a casualty loss deduction to add the value of the deduction to their 2007 tax returns as taxable income ... A provision added to a federal housing package -- which could become law as early as this week -- will allow taxpayers to amend their 2005 tax returns to remove... (WWLTV.com, LA)
Senate passes housing crisis relief Apr 11, 2008
Tacked onto the Senate bill was a $1 billion tax break for Gulf Coast residents who took a casualty loss on their 2005 taxes because of hurricane damage. The measure would allow them to receive federal rebuilding grants without paying higher taxes as long as they repaid the IRS for the previous tax break along with one year of interest. (Nola.com -- Sports)
Senate Aims for Midweek Vote on Housing Bill Apr 7, 2008
State " Zip: Email: 12 ISSUES FOR $12.00 71% OFF! 24 ISSUES FOR $18.00 79% OFF! 36 ISSUES FOR $24.00 Best Deal! Print Send (Updated with cloture filed.) By Martin Vaughan Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Senate Majority Leader Harry Reid, D-Nev., on Friday moved to end debate on legislation to help homeowners and businesses buffeted by home-mortgage woes, setting up a key procedural vote Tuesday. Reid filed for cloture on the bill Friday morning, setting up a vote at 2:15 p.m.... (SmartMoney)
Letters for Thursday, March 27, 2008 Mar 28, 2008
This is a tremendous casualty loss in that Montana has the 44th largest population in the U.S. Imagine what it is like in more populous states. This is a war in which each resident of Montana can participate. (Missoulian, MT)
Group offers free tax preparation for low income residents Mar 1, 2008
Returns with farm income that require the use of Schedule F, the sale of stock or mutual funds or a casualty loss (Form 4797) cannot be processed. But eligible returns may include itemized deductions (Schedule A), interest or dividends (Schedule B), Dependent Care Expenses (Form 2441) and unemployment or Social Security benefits. (Keokuk Daily Gate City, IO)
Grants don't mix with tax rebates Feb 16, 2008
According to the IRS, homeowners who took a casualty deduction for their Hurricane Katrina losses and later receive a Road Home grant will have to count the grant as taxable income, at least up to the amount claimed as a casualty loss. CONTINUED 1. (Nola.com -- Sports)
Sports • Augusta team is reborn as Colts Nov 7, 2007
() Professional Loss Control Consultants Alexander dt is seeking part time independent consultants with at least 3-5 years experience conducting commercial property and casualty loss control s.. () Athens Top Jobs Athens Heritage Home is accepting applications for *RN 3-11pm FT *CNA 11-7 FT * CNA's every weekend and every other weekend Please apply within, Athens Heritage Home 960 Hawthorne Ave Athens Georg. (The Augusta Chronicle)
Fire loss can affect income taxes Nov 4, 2007
Whatever it is that you have lost will be considered a casualty loss and may result in a tax deduction ... Obviously, overcoming these various thresholds stops most people from claiming a casualty loss unless it is significant ... Once you determine that you do have a deductible casualty loss as a result of the recent fires, you have a choice. (North County Times)
Help available in taxing times after the fires Nov 1, 2007
Both the IRS and the state also will allow disaster-related casualty losses to be deducted on this year's tax return or on an amended 2006 return. The catch is, it can be hard to qualify for the casualty loss deduction. (Los Angeles Times)
SoCal Wildfire Victims Get Tax Relief Oct 31, 2007
Affected taxpayers in a presidentially declared disaster area also have the option of claiming disaster-related casualty losses on their federal income tax return for either this year (filed next year) or last year, by filing an amended return. explains how to figure a casualty loss deduction ... California's , charged with administering state personal income tax and other levies, also offers the option of filing an amended return for casualty losses or including the loss in this year's tax... (RealtyTimes)
California Fire Victims Obtain Fast Housing, Disaster Assistance Oct 30, 2007
Likewise tax professionals can explain casualty loss write-offs and extended tax filing periods related to a declared disaster in which homes are destroyed or damaged. Published: October 30, 2007. (RealtyTimes)
Personal issues not legal grounds for breaking lease Aug 27, 2007
Of course, the magnitude of your casualty loss in dollars and the jurisdictional limit for small claims may be the deciding factor of whether small claims (with its nominal cost and swift results) is preferable or you need to gear up for a long and expensive battle. Send questions to Rental Roundtable, 5703 Oberlin Drive, Suite 300, San Diego, CA 92121-1743, or by e-mail to. (San Francisco Chronicle)
Beacon Power Announces Second Quarter 2007 Results Aug 9, 2007
BEACON POWER CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended June Six months ended June 30, 30, --------------------------- ------------------------- 2007 2006 2007 2006 ------------ -------------- ------------ ------------ Revenue $ 449,328 $ 209,439 $ 842,034 $ 498,034 Cost of goods sold 419,544 206,418 811,790 451,343 ------------ -------------- ------------ ------------ Gross profit 29,784 3,021 30,244 46,691 Operating expenses: Selling,... (Yahoo! Wire -- Entertainment News)
Crime May Not Pay, But It's A Tax Deduction Jun 24, 2007
derstand that individuals can, via IRS section 165, claim tax deductions for stock fraud or theft. Are there any such exemptions applicable to those. (New York Post -- Business)
Are we prepared for hurricane season? Jun 7, 2007
This will be helpful later if you need to prove the market value of items for insurance and casualty loss claims. Check on Fiduciary Bonds: Employers who use payroll service providers should ask the provider if they have a fiduciary bond in place. (Demopolis Times, AL)
IRS grants extensions to flood victims May 4, 2007
Affected taxpayers in a presidentially declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year ... Individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year ... For details on figuring a... (Seacoast New Hampshire)
Your tax questions answered Apr 17, 2007
QUESTION 2: If a recreational, non-income producing property (vacation home) that is owned by three unrelated people suffers an uninsured casualty loss, such as a fire, is one owner allowed to take the whole loss deduction rather than splitting it up and each subtracting 10 percent of their AGI from the deduction ... If there is no joint venture or partnership agreement, I believe there is no way one party can claim the entire loss since the casualty loss is the difference between the value of... (Newsday -- New York City)
Hurricane entitles you to casualty loss Mar 18, 2007
A: When the hurricanes struck in 2004 and destroyed the mobile home, you were entitled to a casualty loss. In that process, you would have removed the mobile home at a loss. (Orlando Sentinel -- Business)
TODAY'S QUESTION: Can I deduct the insurance deductible I paid to get my roof shingles replaced after hurricane Wilma? The damage occurred in 2005 and the roof was repaired in 2006. Mar 12, 2007
In general, you should deduct the unreimbursed casualty losses in the year of the casualty (in this case, 2005). However, if you were unsure as to the amount of the casualty loss that would be reimbursed in the year of the casualty, the IRS allows you to deduct the casualty loss in the tax year when you become reasonably certain that the amount deducted will not be reimbursed (in this case, 2006) ... In addition, the general rule is that non-business casualty losses are deductible to the extent... (USA Today -- Money)
Rotarians learn of new tax filing plan ... Improving team dynamics ... SPD updates fatality accident ... A message from SPD Chief Abrahams ... ';var marqueewidth="350px";var marqueeheight="20px";var marqueebgcolor="#FFFFFF";////NO NEED TO EDIT BELOW THIS LINE////////////var pauseit=1;var marqueespeed=1 //slow speed down by 1 for NSvar copyspeed=marqueespeedvar pausespeed=(pauseit==0)? copyspeed: 0var iedom=document.all||document.getElementByIdif (iedom)document.write(''+marqueecontent+'')var actualwidth=''var cross_marquee, ns_marqueefunction populate(){if (iedom){cross_marquee=document.getElementById? document.getElementById("iemarquee") : document.all.iemarqueecross_marquee.style.left=parseInt(marqueewidth)+8+"px"cross_marquee.innerHTML=marqueecontentactualwidth=document.all? temp.offsetWidth : document.getElementById("temp").offsetWidth}else if (document.layers){ns_marquee=document.ns_marquee.document.ns_marquee2ns_marquee.left=parseInt(marqueewidth)+8ns_marquee.document.write(marqueecontent)ns_marquee.document.close()actualwidth=ns_marquee.document.width}lefttime=setInterval("scrollmarquee()",20)}window.onload=populate;function scrollmarquee(){if (iedom){if (parseInt(cross_marquee.style.left)>(actualwidth*(-1)+8))cross_marquee.style.left=parseInt(cross_marquee.style.left)-copyspeed+"px"elsecross_marquee.style.left=parseInt(marqueewidth)+8+"px"}else if (document.layers){if (ns_marquee.left>(actualwidth*(-1)+8))ns_marquee.left-=copyspeedelsens_marquee.left=parseInt(marqueewidth)+8}}if (iedom||document.layers){with (document){document.write('')if (iedom){write('')write('')write('')write('')}else if (document.layers){write('')write('')write('')}document.write('')}}Thursday, March 01, 2007 Pictured are Program Chairman Jareth Navaare, Accountant Daphne Clark, and Rotary President Mike Carrier. Photo by Victoria Hartley Rotarians learn of new tax filing plan Mar 1, 2007
Due to the widespread devastation from the 2005 hurricanes, it has been difficult for individuals to determine the amount of casualty loss of their damaged, destroyed, or stolen property. The Safe Harbor plan, which was designed by the Internal Revenue Service, is available to residents whose homes were damaged by Hurricane Rita. (Sulphur Southwest Daily News, LA)
Home purchase offers tax breaks Feb 26, 2007
On the other hand, if the vehicle was destroyed, you may be eligible for a casualty loss deduction. This loss is calculated as the lesser of the adjusted basis of the property destroyed or the decrease in the Fair Market Value (FMV) due to the casualty loss. (SunSpot.net)
Has a Montgomery Business Been Unfairly Targeted by the IRS or Is it a Scam? Jan 15, 2007
" In other allegations presented in the affidavit, Wilson says that in December an IRS agent conducted an audit of a taxpayer's 2005 Form 1040 and determined that the "return included a false filing status, a fictitious casualty losses, a false Schedule C and improper deductions for non-existent home mortgage interest and unreimbursed employee expenses ... " The IRS according to the court document then advised Chappell that the taxpayer "had already admitted that he did not have a Schedule C... (WSJA.com, AL)
Making a Household Inventory List Can Save Time and Money Dec 4, 2006
Nor do you get any write-off for the first $100 of each theft or casualty loss. The major limitation is that total losses generally are allowable only to the extent they exceed ten percent of adjusted gross income, the amount listed on the last line of the first page of the 1040 form. (RealtyTimes)
Echocardiogram provider sentenced in tax evasion case Nov 19, 2006
The false expenses included a casualty loss that she didn't incur during that time, loans to her sister and a gift to a sister of a co-worker, both of which she labeled as contract labor, and the deduction of loan repayments that were made in prior years. Farash filed an amended 2001 income tax return, falsely claiming that she earned $279,722 and owed $115,427 in taxes. (Dallas Business Journal, TX)
Quake victims given extension for filing taxes Oct 19, 2006
In addition, the department will follow federal casualty loss provisions as allowable under the President's declaration of a major disaster. Taxpayers whose Hawai'i employer's withholding taxes were due Oct. 16 and who could not meet the deadline because of the earthquakes, may file their returns and pay the tax due by Nov. 15 without incurring any penalties or interest. (Honolulu Advertiser)
Floridians hit with one less tax deduction Oct 15, 2006
If you sustained a casualty loss of property during 2006, you may claim it providing you were not compensated by your insurance company, can prove the loss occurred and can establish the value of the lost property. You may not deduct the first $100 of the loss. (Pensacola News Journal)
PXRE Reports Second Quarter Results Net Income of $2.1 Million Aug 8, 2006
5 million in the second quarter of 2005 Jeffrey L. Radke, President Executive Officer of PXRE Group, commented, "Our Board of Directors remains focused on finding a strategic alternative that would maximize value for shareholders." Mr. Radke continued, "PXRE's catastrophe exposure is declining as a result of the cancellations and non-renewals in our reinsurance portfolio. As of August 1, 2006, approximately 82% of our in-force business that was in effect on January 1, 2006 has either been... (PR Newswire)
IRS Grants Tax Relief for Pennsylvania Storm Victims Jul 15, 2006
Affected taxpayers in a Presidential Disaster Area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year ... Individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year ... For details on figuring a casualty loss... (Advance of Bucks County, PA)
Tax Break Possible to Flood Victims Jul 14, 2006
For folks who, just say Wednesday, had a casualty loss due to the flooding, they would still be able to take the loss, said Kevin McKeon of the IRS. But, until there is a presidential declaration, they are not able to take it in the form of an amended return. So on their 2006 return next year, they would be able to take the loss. (R News)
IRS clarifies how to claim Wilma losses on your tax return Jun 21, 2006
The IRS broadly allows taxpayers to deduct casualty losses based on a decrease in fair market value of a property ... Many South Florida taxpayers took casualty loss deductions last year because property damage due to Hurricane Wilma was widespread ... Without that special break, a casualty loss has to equal at least 10 percent of the taxpayer's adjusted gross income plus $100 to qualify for a deduction. (Sun-Sentinel.com)
Patient Dies Following Medstar Helicopter Crash Jun 3, 2006
This is a sad story and lucky others were not hurt because there are three lanes or traffic NB and SB on the North Capital stretch that could have been added into injuries or casualty loss. Roswell IP: Logged Posted: 05/31 11:09a. (ABC 7 News, DC)
Letters to the Editor May 3, 2006
Bill Webb's letter regarding hurricane casualty loss in the 2005 Tax Code reminded me that in November, I sought U.S. Rep. Jeff Miller's advocacy to include, for equity reasons, losses from Hurricane Dennis with those of Katrina in the exemption from the 10 percent of gross income threshold for casualty losses that was being considered by Congress. (Pensacola News Journal)
Summary of Kobe Steel's Consolidated Financial Results for Fiscal 2005 Apr 28, 2006
With extraordinary losses from the separation of the real estate business, a provision for environmental measures, and casualty loss at Kakogawa Works, Kobe Steel posted net income of 84. 5 billion yen. (JCN Network, Japan)
IRS Offers Help to Tornado Victims Apr 20, 2006
The IRS workers will be prepared to discuss several topics, including casualty loss, claims, reconstructing lost or damaged tax records, and getting extra time to file or pay taxes. If you were affected but can not go Thursday, you can call the IRS at 1-800-829-1040. (NewsChannel5.com)
Late filers scramble to meet tax deadline Apr 19, 2006
"We will follow federal guidelines on calculating casualty loss," Waterbury said. She defined casualty loss as the cost of repairs to a home or replacement of its contents less any insurance or Federal Emergency Management Agency reimbursements ... "That's a very simple version of how you calculate casualty loss," Waterbury said. (Brookhaven Daily Leader, MS)
Business briefs Apr 5, 2006
9 million in net casualty loss recoveries and a $400,000 decline in interest expense. Continue 1. (Charleston Gazette, WV -- Business)
Condo owners confused over lack of IRS guidelines on hurricane losses Mar 25, 2006
But the IRS offers no specific guidance on condo assessments in its rules, regulations or publications about casualty losses ... Normally, casualty losses would not spark a widespread debate ... By law, a casualty loss has to equal at least 10 percent of the taxpayer's adjusted gross income plus $100 to qualify for a deduction. (Sun-Sentinel.com)
10 deductions to know about Mar 19, 2006
If you suffered an uninsured "sudden, unusual, or unexpected" loss, such as those due to a fire, flood, hurricane, tornado, earthquake, mudslide, theft, accident, water damage, riot, embezzlement, vandalism, snow, rain, or ice storm, you may qualify for the casualty loss tax deduction ... To qualify, the casualty loss deduction must exceed 10 percent of your 2005 adjusted gross income, plus a $100 "floor" per casualty event ... However, these limitations are waived if your casualty loss was due... (Charlotte.com, NC -- Living)
You might be eligible for an income-tax break due to Wilma damages Mar 18, 2006
Condo assessments aren't a tax, which might be deductible, and they don't fit the definition of a casualty loss, which is a loss in the value of your personal use property ... Here's how casualty losses work: First you figure the adjusted basis you have in your property, which means what you paid for it plus any significant improvements ... And that would be the casualty loss you could deduct for 2005. (Sun-Sentinel.com)
Lone Star Steakhouse & Saloon, Inc. Audited Fourth Quarter and... Mar 14, 2006
0 Provision for Casualty loss (265) (0 ... 0 Provision for Casualty loss 535 0 ... Income from continuing operations $3,836 $10,665 $21,306 $31,424 Adjustments: Interest expense, net - - - - Income tax expense (benefit) 1,487 5,440 10,371 15,503 Depreciation and amortization 7,017 7,019 22,425 22,863 EBITDA from continuing operations $12,340 $23,124 $54,102 $69,790 Adjustments: Non-cash stock based compensation (103) 688 1,575 1,193 Hurricane Disaster Relief Donation - - 1,853 - Provision for... (CNBC -- Research Alerts)
Can we qualify for 2 tax breaks? Mar 11, 2006
Congress passed legislation and the IRS issued a wonderful new Publication 4492 about the special casualty loss tax breaks for hurricane Katrina, Rita, and Wilma victims. A major benefit is the 10 percent of annual gross income minimum and the $100 per event floor are waived for such hurricane victims. (Charlotte.com, NC -- Living)
IRS gives break to those hit with repair bills from hurricane Wilma Feb 12, 2006
Lifting the 10 percent limit on deductible casualty losses -- those not covered by insurance -- is the most generous way the federal government is extending a hand to taxpayers whose wallets got washed after Wilma. The casualty loss is a big favor,'' said Scott Berger, a tax partner with Miami-based accounting firm Kaufman, Rossin `This year you're getting something you never had, something you were not eligible for after prior disasters ... If we are talking about casualty losses, [taxpayers]... (Miami.com, FL -- Business)
From the California Society of Enrolled Agents: IRS Ruling Affects Yuba County Flood Victims Feb 9, 2006
With tax season underway, the California Society of Enrolled Agents (CSEA), an association of federally-licensed tax professionals, and U.S. Congressman Wally Herger (2nd District) asked the IRS for clarification of a number of areas of concern, including the tax implications of prejudgment interest, attorneys' fees, casualty loss deductions for destroyed property, and potential Form 1099-Miscellaneous audit issues ... -- Casualty losses must be treated on a case by case basis. (PR Newswire)
1Of Mice and Casualty Loss Deductions Jan 11, 2006
TaxProf Blog: Of Mice and Casualty Loss Deductions ... Of Mice and Casualty Loss Deductions ... The Tax Court concluded that the taxpayer's actions constituted gross negligence and thus precluded a casualty loss deduction. (Blawg)
