Hattiesburg American - www.hattiesburgamerican.com -... -
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Published on: 5/18/2006
Last Visited: 5/18/2006
Storm assistance they received last year from their insurance companies, the American Red Cross and the Federal Emergency Management Agency don't have to be reported as income on 2005 tax returns, said Willie Sims of Hattiesburg, a certified public accountant who prepares hundreds of tax returns each year.
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Besides that, federal rules governing casualty claims have been waived for residents hit by Katrina, Sims said.
"There are a lot of good tax breaks for taxpayers in the Hattiesburg area," Sims said.
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Source: Jackson Hewitt Tax Service, Willie Sims CPA