IRS Hurricane Harvey Relief:


All tax returns and estimated tax payments due between August 23, 2017, and January 31, 2018, are now due January 31, 2018.


The IRS has lessened the red tape on 401(k) and similar accounts for loans and distributions but has not waived the 10% penalty.  No changes have been made to the rules regarding taxes and penalties owed on any early 401(k) distributions.


Please be aware that only contributions to qualified 501(c)(3) organizations are tax deductible.  Giving money to friends and family to assist them is a gift and not tax deductible.  Donations to GoFundMe Personal Campaigns are considered gifts and not guaranteed as tax deductible.  If the GoFundMe account is a Certified Charity Campaign then the donations are guaranteed deductible. YOUCARING.COM is also not a 501(c)(3) entity.  Donations made to this website go to the organizer of the web page.  The organizer must be a 501(c)(3) entity in order for the donation to be tax deductible.  If you are in question about the deductibility of your donation please contact us directly.

Casualty losses

Casualty losses are subject to a $100 floor and 10% AGI limitation.  Since Harris County and many surrounding counties are federally declared disaster areas, 2016 tax returns can be amended to claim the casualty loss instead of waiting to claim on any 2017 tax returns.


Select Accounting and Tax Services provided by Cooper CPA Group:

  1. Assistance with the rebuilding of accounting records.  If your computer system experienced flooding or corruption, we can assist with the setup of a new QuickBooks company file (online or desktop version).  We have experience in data downloads for categorization and reconciliation, all from a secure remote location.
  2. Assistance with analysis and calculation of business interruption costs to compute personal or business loss.
  3. Assistance with quantifying physical damage losses for casualty purposes.
  4. Review of client cost plus construction budgets presented by repair/restoration contractors for possible capitalization, correctness, and completeness for tax needs.
  5. Assistance with the reconstruction of lost tax support through online searching and downloading of web information to rebuild underlying documentation as support for previously filed tax returns.
  6. Computing your casualty loss amount for claiming on the 2017 return, or potentially amending your 2016 tax return.

Please be assured of our continued thoughts and prayers during this time of struggle and difficulty for so many.  Cooper CPA Group is committed to helping their clients persevere during these trying events and beyond.

Tyler Gillespie