Find Out Now How You May Benefit from Federal Disaster Tax Relief Now!
The IRS enacted on September 29, 2017 the Disaster Tax Relief and Airport and Airway Extension Act of 2017 [HR 3823] which was stated to “provide targeted tax relief for taxpayers impacted by Hurricanes Harvey, Irma and Maria. In addition to supporting these tax relief measures, the administration will submit further requests to the Congress for supplemental funding in the near future, and looks forward to working with Congress to enact these recovery measures into law.”
Highlights from the 2017 Federal Disaster Tax Relief Act HR 3823:
(1) This Disaster Tax Relief Act eliminates the current requirement that uninsured/ uncompensated personal casualty losses exceed 10 percent of adjusted gross income to qualify for deduction;
(2) It eliminates the current requirement that taxpayers itemize deductions to access this tax relief;
(3) It provides an exception to the 10-percent early retirement plan withdrawal penalty for qualified hurricane relief distributions;
(4) It allows for the re-contribution of retirement plan withdrawals for home purchases cancelled due to eligible disasters;
(5) It provides flexibility for loans from retirement plans for qualified hurricane relief;
(6) It temporarily suspend limitations on charitable contribution deductions associated with qualified hurricane relief made before December 31, 2017;
(7) It provides a tax credit for 40 percent of wages (up to $6,000 per employee) paid by a disaster-affected employer to each employee from a core disaster area; and
(8) It allows taxpayers to use earned income from 2016 to determine the Earned Income Tax Credit and Child Tax Credit for the 2017 tax year.
Should you have questions or need help with Federal Disaster Relief Reporting for Casualty Losses or Business Disaster Relief Tax Credit Claims, or need Business or Individual tax advice, out firm is available via phone at (305) 672-4272 – as well as via e-mail at DAVID@CPA-FL.COM. Our Firm Website is WWW.CPA-FL.COM
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