Stephen Surace, CPA, MBA, CFF, Senior Vice President and Chief Operating Officer of Adjusters International/Basloe, Levin & Cuccaro (AI/BLC), was recently interviewed by Marc Heller of Bloomberg BNA to discuss a possible Hurricane Sandy tax relief bill that is making its way through Congress. In response to Heller's questions about hurricane tax relief packages, Surace addresses how people who suffered damage from Hurricane Irene did not receive the same tax breaks as those offered following other storms such as Hurricane Katrina or those proposed for Hurricane Sandy victims. He also highlights several options available to the federal government to help those recovering from these recent disasters, including:

"Expanding the two-year carryback provision to perhaps five years would allow taxpayers to access additional profitable years for the purposes of balancing losses, including solid financial years that would not otherwise be available for that purpose," Surace said.

"...In addition to a change in the carryback period, Congress could offer tax credits to affected taxpayers ... These are easily doable."

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