The permanent disaster tax relief proposal that members of the American Institute of CPAs and the Nevada Society of CPAs urged members of Congress to support during meetings with legislators in May, as part of the AICPA Spring Council meeting, is gaining traction on Capitol Hill. NVCPA members Anna Durst (2015-2016 President), Mike Davis (NVCPA elected member of AICPA Council) and Jeff Cooper (current NVCPA President-elect) spoke about this issue to all four of Nevada’s Representatives, as well as with legislative staff members of both Senators Heller and Reid. Read the proposal that urged members of Congress to support this effort.
Companion bills in the U.S. House of Representatives and Senate that were introduced to provide retroactive relief for the victims of Hurricane Sandy and for other victims of federally declared disasters from 2012 to 2015 also include many of the AICPA’s recommendations for permanent tax relief for disaster victims in Title III of the legislation. Continue.
The AICPA is a long-time advocate of implementing permanent disaster tax relief provisions because tax relief currently is dependent on Congressional action after every disaster and has been available only sporadically – provided for some disasters, but denied for others without clear reason.
In a September 24 letter to Rep. Tom Reed (R-N.Y.), the sponsor of H.R. 3110, the National Disaster Tax Relief Act of 2015, AICPA Tax Executive Committee Chair Troy K. Lewis wrote about the permanent tax relief provisions in the bill, “We believe these provisions will provide taxpayers with certainty, fairness and the ability to promptly receive the relief they need after a natural disaster, while significantly reducing the administrative burdens on the Internal Revenue Service (IRS) to react to unexpected disasters.”
The AICPA-backed provisions for permanent relief in Title III of H.R. 3110 and S. 1795, identical companion bills introduced by Rep. Reed and Senator David Vitter (R-La.), include the following:
- Extension of the property replacement period from two to five years;
- Extension of the net operating loss carryback to five years;
- Authorization to use retirement account funds to pay for disaster expenses;
- Waiver of individual casualty loss limitations; and
- Provision of a credit to employers for a portion of the wages paid or incurred to workers who are not able to work at the disaster-damaged business.
The AICPA will continue its efforts to have permanent tax relief provisions enacted into law so that similarly situated citizens across the country will be treated alike and receive automatic, legally mandated access to the same tax benefits for comparable losses.
The Federal Reserve and Central Banks: Myths and Reality
Register online or by calling the Society office, (775) 826-6800.
Date & Time:
Wednesday, October 21, 2015
11:30am – 1:00pm
Atlantis Casino Resort
Reno, NV 89502
1 hour CPE credit
About the Speaker:
Professor Thomas F. Cargill, Department of Economics
The University of Nevada, Reno
Professor Cargill has written extensively on U.S. financial and central banking issues and has also conducted similar research on Korea, Japan, and to a lesser extent China. He has been active in business and economic consulting, contributing to the news media, and conducting regional research on the Nevada economy. Professor Cargill received the 2008 Regents Researcher Award. This is Nevada’s highest award for research at the University of Nevada, Reno; University of Nevada, Las Vegas; and, the Desert Research Institute.
“Grantor Trust Rules: Tales from the Trenches”
REGISTER ONLINE or call 775-826-6800
Date: October 29, 2015
Where: Lawry’s The Prime Rib
Time: 11:30 am Registration begins
Speaker: Brian K. Steadman, Esq., Solomon Dwiggins & Freer, Ltd.
About the Speaker:
Brian K. Steadman primarily focuses his practice in the areas of tax planning, estate planning, business planning and asset protection. In connection with assisting clients with their estate, gift, and family business goals, Mr. Steadman has assisted clients with respect to asset protection planning, including the establishment and maintenance of Nevada Asset Protection Trusts (also known as Nevada Self-Settled Spendthrift Trusts), Family Limited Partnerships, Limited Liability Companies, and Corporations.
“For-Profit Philanthropy and Local Impact, Increasing the Bottom Line”
REGISTER ONLINE or call 775-826-6800
Date: October 22, 2015
Where: Glen Eagles Restaurant, Carson City
Time: 11:15 am Registration begins
Speaker: Christopher Askin, President & CEO of the Community Foundation of Western Nevada
About the speaker:
Christopher Askin, CSPG, CFRE, has been the President & CEO of the Community Foundation of Western Nevada since June 2000, during which time the Foundation has grown from assets of less than $1 million to $87 million, while distributing more than $80 million in grants. The Foundation has become the local leader in charitable gift planning and bequest arrangements in the region, offering the full range of community foundation services within the region, nationally, and internationally. Community impact and initiative leadership are the Foundation’s current goals as well as building unrestricted funds and a community endowment. A graduate from San Diego State University with a degree in Recreation Administration, emphasis in Youth & Family Agencies, Chris began his career as a professional director with the YMCA in La Jolla in 1982, advancing from Program Director to Executive Director. Chris has a strong background in community engagement and in bringing people together to address community needs. Chris spent ten years serving in development positions with local and national organizations raising funds through grant writing, major gifts, capital gifts, and planned giving. Chris completed the YMCA Executive Development Program in 1998, became a Certified Fund Raising Executive in 1996 and a Certified Specialist in Planned Giving in 2003. Chris has led and served on numerous community boards. During his spare time Chris enjoys cycling, hiking, backpacking, reading, and traveling. Chris is married and has two adult children.