Accounting Help for Flood Victims

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Posted on 01/04/2012 by VLCT Communications

The Vermont Society of CPAs has formed a task force to offer free or reduced-fee tax preparation and consulting services to victims of the 2011 flooding. There are special tax treatments for casualty losses, and members of the Society will help affected taxpayers with their 2011 returns to take advantage of any tax provisions available. Zoning administrators should refer requests or questions to Carolyn Stevens, CPA, at 802-485-6448 or cstevens@trans-video.net.

There are also some resources for taxpayers who want to do some research of their own. You can find a wealth of information at the IRS website www.irs.gov by typing in the search term "disaster loss" or by looking for Publication 2194 (Disaster Losses Kit for Individuals) or Publication 2194B (Disaster Losses Kit for Businesses). Pages 23-45 of the individual kit contain the asset listings, which you can print out to use as a prompt to develop loss information or to improve the comprehensiveness of any list already made.