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IMMEDIATE INCOME TAX RELIEF AVAILABLE TO STORM VICTIMS ACCORDING TO THE CALIFORNIA SOCIETY OF ENROLLED AGENTS

 SACRAMENTO, Calif., Feb. 8 /PRNewswire/ -- Direct financial aid in the form of tax relief is available now to California residents who suffered property damage during January's string of torrential storms.
 Taxpayers in the 19 counties recently declared federal disaster areas may include January disaster losses on their 1992 tax returns as if the damage had occurred last year, according to the California Society of Enrolled Agents (CSEA). Resulting claims for tax refunds will be processed immediately.
 "Many taxpayers in the declared areas who have substantial property losses may be unaware that they can take this action and generate funds right away," explained Mickey Reedy, EA, chair of CSEA's Public Disaster Service Committee.
 "This is money they can use to start rebuilding their lives," Reedy said.
 Enrolled Agents (EAs) are individuals approved by the federal government to assist consumers in all matters of taxation.
 While there are some differences between state and federal tax regulations covering federally declared disaster losses, both allow the loss to be claimed on the return filed for the previous year. This may result in a much faster refund.
 A disaster loss is deductible to the amount over any insurance reimbursement, with three limitations: a deductible of $100 must be subtracted, the total losses for the year must exceed 10 percent of adjusted gross income, and deductions must be itemized to claim a loss.
 Taxpayers who wish to retain professional assistance with their claims may locate Enrolled Agents in their areas by calling the National Association of Enrolled Agents toll-free at 800-424-4339.
 Volunteer Enrolled Agents, in cooperation with the Internal Revenue Service, will be available at some Federal Emergency Management Agency (FEMA) disaster centers. Additionally, CSEA will offer no-cost workshops near some disaster centers to guide taxpayers through the substantial paperwork involved.
 -0- 2/8/93
 /NOTE TO EDITORS: For information regarding the availability/ location of disaster assistance centers and CSEA workshops in your area, CONTACT: Mickey Reedy, EA, 310-799-1410 or CSEA at 916-366-6646 or 800-777-2732/


CO: California Society of Enrolled Agents ST: California IN: FIN SU: PDT

JG -- NYON2 -- 4031 02/08/93 11:02 EST
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Date:Feb 8, 1993
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