SKR+Co Alert: Waldo Canyon Fire – Financial Resource Guidance
June 29, 2012
Our hearts go out to all of you suffering from the effects of the Waldo Canyon Fire. This disaster affects our entire community to one degree or another, and we are heartened to see so many reach out to provide help and support to neighbors and strangers.
We realize that one area of concern for many may be how to rebuild their financial records that may have been damaged or destroyed. Another concern may be filing the right paperwork with the right agencies at the right time. This e-blast touches on several areas of possible concern with links to some of the best resources to help you and your family, friends, or business.
As always, please contact us with any specific questions and we'll do our best to help you find the answers. Our thoughts and prayers are with you all.
Putting the financial pieces back together
This booklet is written to help you regain a sense of financial balance following a disaster by offering suggestions on steps to take immediately, what to do in the initial weeks and months, and how to begin planning again for the future.
Disaster Recovery: A Guide to Financial Issues
Information regarding tax issues
As of yesterday, June 28th, Colorado’s request for an expedited major disaster declaration has been received, reviewed and accepted by the White House. That means that taxpayers affected by the Waldo Canyon Fire have certain relief provisions. See the specific website links below for details.
We also want to remind you that Stockman Kast Ryan + CO maintains electronic copies of our clients' tax records and would be happy to provide them to you should the need arise.
Colorado Department of Revenue
Information for Taxpayers Affected by Wildfires
Internal Revenue Service
Disaster Assistance and Emergency Relief for Individuals and Businesses
Another issue you may be wondering about is how your losses are treated for tax purposes: whether they are deductible, how much, and what is the process. According to the IRS, "If you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to treat the loss as having occurred in the year immediately preceding the tax year in which the disaster happened, and you can deduct the loss on your return or amended return for that preceding tax year."
The IRS provides helpful information regarding casualty losses due to disaster on their website. But we realize that you may need help sifting through the information, so please contact us if you have questions or need assistance.
Internal Revenue Service
Casualty, Disaster, and Theft Losses – Including Federally Declared Disaster Areas
Additional Resources & Ways to Help
Information on how to help fire victims
Waldo Canyon Fire Victim Assistance Fund a partnership of El Pomar with KOAA 5
Pikes Peak United Way
The American Red Cross, Pikes Peak Chapter
Care and Share Food Bank
Volunteer Hotline 434-5724
The Salvation Army
Caring for animals of evacuees
Humane Society Pikes Peak Region
Wildfire Cleanup Guidance
El Paso County Public Health
Coping with a Disaster
Centers for Disease Control
Again, we realize this is a very difficult time for so many in our community. If we can be of service to you in any way, please contact us at (719) 630-1186 or through our Secure Email.