Qualified Disaster News Today

A local congressman is pushing the House of Representatives to consider a bill that could provide many with more Hurricane Ian relief.

Congressman Byron Donalds (R-FL) on Tuesday issued a statement to address constituents concerns regarding the IRS Qualified Disaster Losses

Congressman Byron Donalds (R-FL) on Tuesday issued a statement to address constituents concerns regarding the IRS Qualified Disaster Losses

With tax issues very much at the forefront of Americans' minds this April, one area where many are a little confused is with Qualified Disaster Distributions and how these dif

Getty Images Taxpayers have a choice between taking the standard deduction or claiming itemized deductions when filling out their federal income tax return. And, of course, youll always want to pick whichever one is higher. As predicted, the number of American taxpayers claiming the standard deduction on their tax return shot up significantly after the 2017 tax reform law. Why? Because that law nearly doubled the standard deduction amount. Before the tax reform law, about two-thirds of all taxp...

Tuesday, March 16, 2021 In response to last year’s devastating hurricane season and other natural disasters, the Taxpayer Certainty and Disaster Tax Relief Act, which is a part of the Consolidated Appropriations Act, 2021 (the Act), included various relief provisions (similar to those under the Coronavirus Aid, Relief, and Economic Security Act of 2021 (CARES Act)), designed to assist individuals who suffered an economic loss as a result of these disasters. The Act, signed by former...

To embed, copy and paste the code into your website or blog: On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (the “Stimulus Act”), which not only gives taxpayers another stimulus payment but changes to retirement plans, including qualified disaster distributions. A Qualified Disaster includes any disaster that occurred between December 28, 2019, and December 27, 2020, and which was declared a disaster by the President during the period beginning Janu...

To embed, copy and paste the code into your website or blog: Recently enacted H.R. 133, the Consolidated Appropriations Act, 2021 (“the Act”), is a massive, 5,593-page piece of legislation that includes appropriations for the U.S. government for the upcoming fiscal year and funding for coronavirus emergency response and relief, among many other things. While the Act will be best remembered for making some $900 billion in COVID-19 relief stimulus payments to individuals, for extending unempl...

Monday, January 11, 2021 Besides the COVID-19 pandemic, 2020 has also had its share of other disasters, including hurricanes, floods and fires. The Consolidated Appropriations Act, 2021 (the “CAA”) has provisions that are designed to provide tax relief for individuals and employers who have been adversely affected by one of the numerous federally declared “Qualified Disasters”. These provisions of the CAA are found in Sections 301 through 306 of Title III, of Division EE, whic...

To embed, copy and paste the code into your website or blog: The Consolidated Appropriations Act, 2021 (the “Act”) was signed by the President on December 27, 2020, to provide additional COVID-related relief.  The Act has a number of provisions that are relevant to retirement plans, health and welfare plans and health insurance as discussed below. I.          TAX-QUALIFIED RETIREMENT PLANS A.        Use of Retirement Funds for Disaster Mitigation (Act, Division EE, § 302) ...