Income Tax Relief in Times of Disaster PDF Download
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Author: Pamela J Jackson
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Languages : en
Pages :
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Author: Pamela J Jackson
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Pamela J Jackson
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Category :
Languages : en
Pages : 0
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Author:
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Category :
Languages : en
Pages : 0
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In response to the devastation caused by Hurricane Katrina, disaster areas have been designated in 64 parishes in Louisiana, 52 counties in Mississippi, six counties in Alabama, and three counties in Florida. Special provisions are available for taxpayers to help recover from the impact of a disaster. Generally, individuals and businesses can claim an income tax deduction for casualty losses. When the casualty losses occur in a presidentially-declared disaster area special tax provisions come into play. For example, taxpayers can shorten the amount of time it takes to receive an income tax refund by filing an amended tax return for the previous tax year to claim losses from the disaster. Another special tax rule allows for the deferral of capital gain from involuntary conversions of assets. Taxpayers in a presidentially-declared disaster area who receive grants from FEMA, state programs, charitable organizations or employers to cover medical, transportation, or temporary housing expenses are able to exclude these grants from taxable income. In response to Hurricane Katrina, Congress may choose to consider enacting additional tax relief. This has been the case in past disasters, notably in response to the terrorist attacks of September 11, 2001. A provision enacted by the Victims of Terrorism Tax Relief Act of 2001 allowed an exemption from income taxes for any individual who died as a result of wounds or injury incurred from the terrorist attacks, along with a few other forms of tax relief. This report will be updated in the event of legislative or regulatory changes.
Author: Jackson
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Category :
Languages : en
Pages : 0
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Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and IRS Oversight
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Category : Disaster relief
Languages : en
Pages : 76
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Author: Jackson
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Category :
Languages : en
Pages : 0
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Author: Erika K. Lunder
Publisher: Createspace Independent Pub
ISBN: 9781481907743
Category : Social Science
Languages : en
Pages : 26
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Relief after a natural or man-made disaster may come from what many might consider an unlikely source: the Internal Revenue Code (IRC). The IRC includes several tax relief provisions that apply to affected taxpayers. Some of these provisions are permanent. The following are among the permanent provisions discussed in this report: casualty loss deductions, IRC Section 165; exemption from taxation for disaster relief payments to individuals, IRC Section 139; exemption from taxation for certain insurance payments, IRC Section 123; and deferral of gain from the involuntary conversion of homes destroyed or damaged by a disaster, IRC Section 1033. In recent years, Congress has enacted tax legislation generally intended to assist victims of specific disasters; as a result, these laws were temporary in nature. One act, however, provided more general, but still temporary, relief for any federally declared disaster occurring prior to January 1, 2010. The acts providing temporary relief include the following: The Job Creation and Worker Assistance Act of 2002, P.L. 107-147, which provided tax benefits for areas of New York City damaged by the terrorist attacks of September 11, 2001; The Katrina Emergency Tax Relief Act of 2005 (KETRA), P.L. 109-73, which provided tax relief to assist the victims of Hurricane Katrina in 2005; The Gulf Opportunity Zone (GO Zone) Act of 2005, P.L. 109-135, which provided tax relief to those affected by Hurricanes Katrina, Rita, and Wilma in 2005; and The Heartland Disaster Tax Relief Act of 2008, P.L. 110-343, which provided tax relief to assist recovery from both the severe weather that affected the Midwest during the summer of 2008 and Hurricane Ike. This act also included general disaster tax relief provisions that applied to federally declared disasters occurring before January 1, 2010. This publication provides a basic overview of existing, permanent provisions that benefit victims of disasters, as well as past, targeted legislative responses to particular disasters. The relief is discussed without examining either the qualifications for or the limitation on claiming the provisions' benefits. In light of Hurricane Sandy, this publication is designed to help Congress identify previous legislative responses to recent disasters.
Author:
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Category : Income tax deductions for losses
Languages : en
Pages : 230
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Author:
Publisher: CCH Incorporated
ISBN: 9780808049074
Category : Business & Economics
Languages : en
Pages : 0
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2017 was a notable year for disasters, and taxpayers across the United States endured a significant amount of property damage. However, individuals and businesses can make some decisions that help mitigate the financial losses associated with this kind of damage by maximizing their tax savings. With the publication of this title, Wolters Kluwer provides tax professionals with a single integrated resource covering significant federal and state tax provisions relating to disaster losses and other losses associated with natural events. The publication includes analysis of the relevant portions of the Disaster Tax Relief and Airport and Airway Extension Act of 2017, as well as standing statutory provisions relating to disaster losses, casualty losses, involuntary conversions and much more! The publication also includes: Full text of Title V of the Disaster Tax Relief and Airport and Airway Extension Act of 2017, Selected Internal Revenue Code provisions, Client Letters, Election and compliance statements, A helpful table of federally declared disasters for 2017 To order or for more information on these and other Wolters Kluwer products and services, call 800 344 3734 or visit CCHGroup.com. Book jacket.
Author: United States. Congress
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976458798
Category :
Languages : en
Pages : 76
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Tax relief after a disaster : how individuals, small businesses, and communities recover : hearing before the Subcommittee on Taxation and IRS Oversight of the Committee on Finance, United States Senate, One Hundred Thirteenth Congress, second session, November 18, 2014.
