PAGE HEADING

• A&A Update with Matt Charne – 9/29/26

  Sep 29, 2026, 10:07 AM

• Members on Members: Kevin Bordner and Mike Rodrigues

  Sep 22, 2026, 11:01 AM

• A&A Update with Matt Charne – 9/15/26

  Sep 15, 2026, 01:13 AM

• Fresh Eyes on Accounting: A High Schooler's Take Becoming a CPA

  Sep 8, 2026, 13:17 PM

• A&A Update with Matt Charne – 9/1/26

  Sep 1, 2026, 10:23 AM

• Members on Members: Matt Mojica and Kait Vinch

  Aug 25, 2026, 01:19 AM

• A&A Update with Matt Charne – 8/18/26

  Aug 18, 2026, 13:18 PM

• Decoding New Jersey’s Tax Competitiveness

  Aug 11, 2026, 09:31 AM

• A&A Update with Matt Charne – 8/4/26

  Aug 4, 2026, 12:56 PM

• Members on Members: AJ Johnson and Sarah Krom

  Jul 28, 2026, 03:25 AM

• A&A Update with Matt Charne – 7/21/26

  Jul 21, 2026, 07:58 AM

• Midnight Madness: Unpacking New Jersey’s FY27 Budget

  Jul 14, 2026, 04:21 AM

• A&A Update with Matt Charne – 7/7/26

  Jul 7, 2026, 01:11 AM

• Advice for a Successful Accounting Career – Round Two

  Jun 30, 2026, 03:30 AM

• Is Your Firm Safe in the Cloud?

  Jun 12, 2026, 15:07 PM

• New Jersey’s Big Plan for America’s 250th Anniversary

  Jun 2, 2026, 09:05 AM

• From Chaos to Clarity: Taming the Multi-State Compliance Beast

  May 21, 2026, 00:26 AM

• Complying with New CPA Licensure and Mobility Rules

  May 19, 2026, 11:07 AM

• A&A Update with Matt Charne – 5/5/26

  May 5, 2026, 08:09 AM

• From Ports to Refunds: Understanding Tariffs Today

  Apr 28, 2026, 01:03 AM

Tax Implications (New Jersey and Federal)

NEW JERSEY STATE TAXES

New Jersey is considered a "gross income tax" state, meaning individuals are taxed on gross income with no itemized deductions allowed. For this reason, casualty losses are not deductible on state income tax returns.

FEDERAL TAXES

Although losses are not deductible on New Jersey tax returns, they may be federally deductible. IRS forms/publications are found at IRS.gov and local IRS centers are at this locator. IRS 547, Casualties, Disasters and Thefts (Business and Non-business), explains:

• How to determine what is deductible
• To what extent a loss is deductible
• How to claim a deduction on your tax return

To report and deduct losses, access the following forms:

• IRS Form 4684, Casualties and Thefts
• Schedule A of Form 1040

There are two other helpful IRS forms that can be accessed at irs.gov/forms-instructions:

• IRS Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property)
• IRS Publication 584-B, BusinessCasualty, Disaster, and Theft Loss Workbook (Business Property)