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Two New Articles on Post-Hurricane Tax Relief

LOS ANGELES, CA, UNITED STATES, September 11, 2017 / -- The Wolfe Law Group is pleased to announce that Gary S. Wolfe has just published two new articles through Lorman Education Services regarding tax refunds/tax planning for Americans affected by Hurricane Harvey (which may also apply to Hurricane Irma).

The two articles are:
1. Tax Planning for Texas/Other States: Post-Hurricane Harvey

2. Texas: Hurricane Harvey Tax Relief

For those Americans in disaster areas (Texas and other places) they may immediately amend their Form1040/2016 federal income tax return and receive tax refunds for tax year 2016 (and prior 3 tax years). If their uninsured casualty losses from the Hurricane are significant they may be able to carryforward remaining tax losses for up to 20 years, and receive tax free income (up to the amount of the remaining casualty losses).

In the disaster areas, Americans’ 2016 federal income tax returns (originally due 9/15/17 for businesses and 10/15/17 for individuals, on extensions) are now due 1/31/18, which creates an additional 3-4 months extension to file their 2016 federal income tax returns.

For the rest of 2017 they may qualify to eliminate either income tax withholding or estimated income tax payments, subject to the advice of their tax professionals. For those Americans who are waiting on an insurance recovery they may choose to file the suggested amended federal income tax refunds now, and in the event of an insurance recovery declare the amount received as income (once received) and use the recovery to pay income taxes due on the recovery.


For additional information please see my recent book on Casualty Losses, Global High Net Worth Investors Tax Planning & IRS: Casualty Loss.

About The Wolfe Law Group
The Wolfe Law Group is an international array of legal and tax experts providing collaborative services for Global High Net Worth Investors on a per client basis. We have over 35 years of experience providing clients with expertise for IRS Civil and Criminal Tax Audits, International Tax Planning, and International Asset Protection.

to date Gary has won 33 international tax/legal awards from 11 different London/UK based global expert societies and has internationally published 19 books and 155 articles.

Gary Wolfe
The Wolfe Law Group
email us here

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