Webinar: Turn 2020 Losses into 2019 Deductions
July 1, 2020
Watch our expert 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 Expert Panelist:
- Cardell McKinstry, Partner, serving Transaction Advisory clients, Aprio
- Ori Epstein, Partner, serving Technology and Blockchain clients, Aprio
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About the Author
Mitchell is the partner-in-charge of Aprio’s Tax practice as well as the Technology & Biosciences group. He has been a partner since 1990 with Aprio, which is the largest Georgia-based tax, accounting and consulting firm. Mitchell works with companies in the software, gaming, clean tech, financial technology (FinTech), health care IT, processing, biosciences (biotech and medical device) and manufacturing industries. Whether a company is pre-revenue, starting up, growing or preparing for a liquidity event, Mitchell works with them to maximize their potential at each stage. He is known for promoting research, innovation and entrepreneurship by enabling companies to be successful, regardless of where they are in their business lifecycle.