Final and Temporary Regulations Extend Prior-Year Disaster Loss Election Due Date; Provides Election and Revocation Procedures (T.D. 9789; NPRM REG-150992-13; Rev. Proc. 2016-53)

CCH Tax Day Report The IRS has issued final and temporary regulations extending the due date for the election to deduct in the prior tax year a loss attributable to a federally-declared disaster, and for revoking such an election, as well as a revenue procedure explaining how to make or revoke the election. A casualty […]