The One Big Beautiful Bill has expanded tax relief for casualty losses. The Previous Tax Law Under the Tax Cuts and Jobs Act (TJCA) that passed in 2017, casualty losses could only be taken if the loss occurred as a result of a presidentially declared disaster from 2018-2025. This significantly reduced the number of taxpayers […] The post The One Big Beautiful Bill Breakdown: Natural Disasters and Theft Losses appeared first on Warren Averett CPAs & Advisors.
