Watch our experienced panelists as we discuss how to claim COVID-19 losses and expenses on your 2019 tax return. Did you know that individuals and businesses can claim deductible disaster-related losses sustained in the current year on the prior year’s tax return? That’s right. This commonly overlooked tax incentive went into effect when President Trump declared a national emergency for COVID-19.
Here are just a few examples of the many claimable losses:
- Costs of personal protective equipment (PPE)
- Closure of stores and facility locations
- Disposal of unsold inventory, supplies and other property
- Financial or legal service-related fees due to default on pre-existing obligations
Learn how you can take advantage of this provision, even if you have already filed your 2019 tax return. Chances are you are eligible.
Aprio Panelist:
- Cardell McKinstry, Partner, serving Transaction Advisory clients, Aprio
- Ori Epstein, Partner, serving Technology and Blockchain clients, Aprio