Casualties, Thefts, and Ponzi Schemes

Overview

This presentation will focus on the tax implications of casualties, business and personal. There will be a clarification of the types of casualties that are tax-deductible and the exclusions that apply.

Attendees will be versed on acceptable substantiation, timing guidelines, and the reconstruction of lost records. There will be an in-depth description of how to handle the relatively new treatment of 'Ponzi scheme losses', now a part of the casualty program (Rev. Proc. 2009-14, 2009-20, 2011-58, 2011-50).

Learning Objectives

Upon conclusion of this course, students will be able to:

  • Identify what is a Casualty/Theft and what is NOT a Casualty/Theft
  • Identify the tax advantages to Presidential Declared Disaster Areas
  • Calculate a Casualty/Theft loss
  • Recognize a Ponzi Schemes and the IRS rules governing these situations
  • Identity Net Operating Losses from a Casualty/Theft loss
  • Identify the documentation and possible reconstruction of records in these disastrous situations

Designed For

Practicing CPAs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel
WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Find Courses Now