Publications Detail Hurricane-Related Tax Law Changes

On Tuesday, the Internal Revenue Service (IRS) issued the lasted in a series of publications explaining changes to tax laws and relief provisions for those affected by Hurricanes Katrina, Rita, and Wilma. CCH, a Wolters Kluwer company and RIA, a Thomson business, have also recently produced resources designed to help readers understand the impact of the Gulf Opportunity Zone and Katrina Emergency Tax Relief Acts of 2005.

The IRS publication, Publication 4492: Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma,provides useful information for individuals and businesses. Individuals will find information regarding how to claim unreimbursed losses, the tax favored use of retirement savings and new rules regarding charitable giving. Business owners will find information regarding the special depreciation for qualified Gulf Opportunity Zone property, the increased amount affected businesses can expense rather than depreciating, and the new net operating loss (NOL) rules for losses within the Gulf Opportunity Zone. The publication also lists the disaster areas for each hurricane and explains which areas are eligible for administrative relief from the IRS as well as which areas receive special tax breaks under the recently enacted provision of the tax laws. Publication 4492 is approximately 19 pages long and is currently available online with paper copies due to become available in about two weeks.

CCH’s Law, Explanation and Analysis of the Hurricane Tax Relief Acts of 2005, published earlier this month, offers tax professionals with the practical guidance, from the CCH editorial staff and leading professionals, needed to understand and apply the changes that are part of the Katrina Tax Relief Act of 2005 and the Gulf Opportunity Zone Act of 2005. The volume covers key IRS guidance and contains the complete text of added, amended or repealed sections of the Internal Revenue Code in Code Section sequence. The book is available online on a sliding price scale starting at $45.00 for a single copy.

RIA’s Complete Analysis of the Gulf Opportunity Zone and Katrina Emergency Tax Relief Acts of 2005 provides valuable information for tax professionals and tax preparers within and outside the areas affected by the hurricanes of 2005. In addition to complete coverage of the Gulf Opportunity Zone Act of 2005 and the Katrina Emergency Tax Relief Act of 2005, the book’s 19 chapters and multiple appendices contains information on amended, added or repealed provision of the Internal Revenue Code and applicable Committee Reports. RIA’s exclusive Observations, Illustrations, Recommendations, Action Alert Items and Cautions are also included providing insight, advice and assistance to help tax preparers, planners and their clients make the most of the tax changes. The book, priced at $44.95, is currently available online or by calling 800-950-1216.

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