FEMA Declares Emergency for Parts of Ark - Taxpayers May Be Eligible to Claim Casualty Losses of 2018/19 Tax Returns

As a result of severe flooding in many parts of Arkansas, the Federal Emergency Management Agency declared last Thursday that an emergency exists in Arkansas, Chicot, Conway, Crawford, Desha, Faulkner, Jefferson, Johnson, Lincoln, Logan, Perry, Pope, Pulaski, Sebastian, and Yell Counties. This means that taxpayers are now eligible under Internal Revenue Code Section 165(i) to claim casualty losses on either their 2018 or 2019 tax returns for losses incurred as a result of the emergency.

This information is written by the tax attorneys at Friday, Eldredge & Clark, LLP. This is not a substitute for legal advice and should be considered for general guidance only. For more information or if you have further questions, please contact one of our Tax Attorneys.