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November 2018 » 15 Questions Answered about Flood...
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Heidi Tribunella, CPA, and Thomas Tribunella, PhD, CPA
In BriefThe 2018 hurricane season has already brought two devastating storms, with Hurricane Florence causing major flooding in the Carolinas and Hurricane Michael causing extensive damage in Florida. The fallout from 2017's hurricane season continues to affect many Americans, most notably in Puerto Rico. And flood disasters are not limited to hurricane events, as attested by the serious damage caused by flooding from Lake Ontario in 2017. CPAs should be familiar with how to assist individuals and business with the financial impact of severe flooding. The authors answer fifteen important questions regarding flood damage, flood insurance, and tax issues that arise as a result of loss from flooding.
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