Dear Clients, Colleagues and Friends,
On September 29, President Trump signed into law P.L. 115-63, the “Disaster Tax Relief and Airport and Airway Extension Act of 2017.” The Act, which provides temporary tax relief to victims of Hurricanes Harvey, Irma, and Maria.
- Businesses that qualify for relief may claim a new “employee retention tax credit” of up to $2,400 for qualified wages paid per eligible employee.
- Relief for individuals includes, among other things:
- Personal casualty losses WILL NOT be subject to the phaseout of 10% of adjusted gross income
- tax-favored withdrawals from retirement plans
- the option of using current or prior year’s income for purposes of claiming the earned income and child tax credits.
Please contact our offices to schedule an appointment should you wish to discuss how any of these provisions may be of benefit to you or your business.