FAQs Related to Disaster Recovery and the Fires
Our CPA’s have compiled a list of 25 frequently asked questions related to fire victims and the recovery process. This document will continue to be updated over time as new questions roll in. If you have any additional questions in the meantime that aren’t answered below, please feel free to contact us at Linkenheimer LLP. We’ll continue to work side by side with all of you during this rebuilding process as we put our great community back together.
Frequently asked questions related to disaster relief for this affected by the fires:Â
- Can an employer make a payment to an employee for missed time as a result of the fire and have that payment excluded from the employees gross income? No, the payments would be considered taxable wages.
- What information is needed to substantiate a casualty loss? To substantiate your loss, you’ll need the following, the type of casualty and date it occurred, proof that you were the owner of the property, or if you were a lessee, that you were contractually liable for the damage, whether a claim for reimbursement exists for which there is a reasonable expectation of recovery and documented […]