How IRAs can be used to help victims of a natural disaster {PFP Section}
AICPA Personal Financial Planning (PFP) · AICPA & CIMA
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Show Notes
Hurricanes Ian and Fiona and Typhoon Merbok are the latest natural disasters in the US to leave many people in a state of emergency. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews IRA expert Sarah Brenner, JD, to discuss the implications of taking withdrawals from IRAs during times of hardship. They share:
- Is there penalty and tax relief for those who face financial hardship in natural disasters?
- What help can IRA owners expect from Congress and the IRS?
- How can people use their IRAs to help hurricane victims?
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- Aftermath of a natural disaster checklist
- Dealing with catastrophic property loss
- Disasters and Financial Planning: A Guide for Preparedness and Recovery
- If you are personally affected by disasters of any kind, please consider applying for assistance through the AICPA Benevolent Fund. If you'd like to help fellow members in need, you can make a contribution here.
- The IRS has provided tax relief, including extended filing deadlines and dyed diesel penalty relief for taxpayers affected by Hurricane Ian; see the IRS's Help for Victims of Hurricane Ian webpage for the latest updates. Additional information can be found on the IRS's Tax Relief in Disaster Situations page and on the U.S. Small Business Administration's Disaster Loan Assistance.
This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.
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