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Turn Disaster to Cash - Claim 2020 Losses on 2019 Returns
Posted by Chrissy Hammond on Wed, Jun 10, 2020 @ 01:56 PM

The invocation of the Stafford Act on March 13, 2020 opens the door for an additional tax planning opportunity for individuals and businesses alike. Specifically, this declaration by President Trump that the COVID-19 pandemic is federally declared disaster and that the entire U.S. is a federally declared disaster area opens the door for Internal Revenue Code (IRC) Section 165(i).

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Topics: IRS, Taxes, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, Section 165(i), Stafford Act

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