By Sidney Kess, James R. Grimaldi, James A.J. Revels, and Thomas K. Lauletta
CPA Journal
October 2018 Issue
Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and flooding may immediately come to mind, but losses may also result from theft, vandalism, and even terrorist action. Losses sustained by nonbusiness taxpayers after 2017 are subject to new rules under the Tax Cuts and Jobs Act of 2017 (TCJA), discussed in further detail below. When evaluating the potential for new losses, current casualty loss insurance coverage may not be adequate.
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