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Level 1
December 7, 2019
Solved

How do you report an economic loss of sales on an S-Corp due to a hurricane in a federal declared disaster area?

  • December 7, 2019
  • 1 reply
  • 6 views
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Best answer by sjrcpa

You don't. Client pays tax on actual income. Due to this disaster it is apparently less than what it otherwise would be.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

You don't. Client pays tax on actual income. Due to this disaster it is apparently less than what it otherwise would be.

The more I know the more I don’t know.
rbynaker
Level 13
December 7, 2019
As Chuck used to say, you can't write off what you never wrote on!