Family Office Insights

COVID-19 Tax Relief for Individuals and Family Offices

Brad Sprong

Brad Sprong

Partner, National Tax Leader, KPMG Private Enterprise, KPMG US

+1 816-802-5270
View more
Family Office Insights
COVID-19 has undoubtedly created significant hardships for individuals, businesses, and family offices, not the least of which may be business and investment losses. While perhaps not quite a silver lining, tax law potentially offers relief that can at least help take some of the sting out of these losses.

The so-called “disaster relief” provision, which has existed for decades, allows individuals and family offices to take certain COVID-19-related business and investment losses incurred in 2020 and accelerate them into your 2019 tax returns. This may include losses due to the closing of a store or business, the sale or exchange of certain property, or securities becoming impaired or worthless.

This issue of Family Office Insights examines:

  • How the disaster relief provision works
  • How you may benefit from it
  • Whether you qualify to claim the relief
  • When you need to make the election on your tax return
  • Potential obstacles to claiming the relief


Family Office Insights

Sign up for our mailing list to stay informed on the latest news for family offices

KPMG Private Enterprise

Helping private companies drive growth through each stage of the business life cycle.