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Income Taxes › Natural Disasters

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
McDermott Will & Emery

Weekly IRS Roundup June 24 – June 28, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 24, 2024 – June 28, 2024. ...more

Baker Donelson

SALT Select Developments - February 2024

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Nossaman LLP

UPDATE | Extended Again: Federal and California Tax Relief for California Storms

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As practitioners predicted, the California Franchise Tax Board has adopted the federal November 16, 2023 extensions for similar state returns and payments. To those CPAs and taxpayers who pulled all-nighters to get returns...more

McDermott Will & Emery

Weekly IRS Roundup August 21 – September 1, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for August 21, 2023 – September 1, 2023....more

McDermott Will & Emery

Weekly IRS Roundup May 15 – May 19, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 15, 2023 – May 19, 2023. May 15, 2023: The IRS released Internal Revenue Bulletin 2023-20, which...more

McDermott Will & Emery

Weekly IRS Roundup May 8 – May 12, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2023 – May 12, 2023...more

Farella Braun + Martel LLP

Federal and California Taxpayer Relief: Reprieve From Wet Winter Weather

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2023 started California off with weather that escapes recent memory. Rain, snow, and surf seemed unrelenting for the first two weeks of January. While this spell of winter storms has brought snow to our slopes and refilled...more

McDermott Will & Emery

Weekly IRS Roundup October 3 – October 7, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 3, 2022 – October 7, 2022...more

McDermott Will & Emery

Weekly IRS Roundup September 26 – September 30, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 26, 2022 – September 30, 2022....more

Gray Reed

Deduct the Dogwoods: Tax Deductions for Winter Storm Uri Landscaping Expenses

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When Texas froze in February, I learned a couple of things: i) snow storms have names, and ii) people in my neighborhood aren’t great at covering plants. Those poor sago palms never had a chance....more

McDermott Will & Emery

Weekly IRS Roundup May 3 – May 7, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 3, 2021 – May 7, 2021... May 3, 2021: The IRS issued a news release announcing the opening...more

McAfee & Taft

Oklahoma Tax Commission, IRS grant relief due to severe winter storms

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The Oklahoma Tax Commission has granted relief to taxpayers affected by the severe winter storms that began on February 8, 2021. In granting relief, the Commission took into consideration the relief announced by the Internal...more

Foley & Lardner LLP

Don’t Leave Money on the Table: Beating the Louisiana Department of Revenue at its own Game

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Tax season is well underway, and after a tumultuous year in 2020, businesses may be looking to save money any way they can. Last year presented a different, though equally difficult, set of challenges for state and local...more

Jackson Walker

Consolidated Appropriations Act, 2021 Changes to Qualified Retirement Plans and Certain Fringe Benefits

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Employee Fringe Benefit Changes - Student Loan Repayment - The Consolidated Appropriations Act, 2021 (the “Act”) extended the period during which an employer may pay a portion of a student’s loan under an educational...more

Schwabe, Williamson & Wyatt PC

IRS Provides Tax Relief for Victims of Oregon Wildfires

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On September 17, 2020, the IRS postponed various tax filing and payment deadlines for victims of the Oregon wildfires. Who Is Eligible? - Individuals in any area designated by the Federal Emergency Management Agency as...more

Foster Garvey PC

The IRS Provides Some Good News to Oregonians During a Time When Positive News Is Rare – News Releases OR-2020-23 and IR-2020-215

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When we thought times were bad enough with the COVID-19 pandemic and widespread social unrest in our country, the West Coast, including the Pacific Northwest, was struck with unprecedented wildfires and massive windstorms,...more

Littler

Puerto Rico Department of Treasury Grants Tax Exemptions for Employer-Provided Payments and Certain Benefits to Employees and...

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On February 20, 2020, the Puerto Rico Treasury Department (PR Treasury) issued Internal Revenue Circular Letter No. 20-08 (CC RI 20-08) granting employers temporary income tax exemptions over payments and certain benefits...more

Brownstein Hyatt Farber Schreck

Year-End Spending Bill Includes Tax Extenders, Disaster Tax Relief

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Just past midnight on Dec. 17, lawmakers released an amendment to one of two spending bills released on Dec. 16—H.R. 1865—the Further Consolidated Appropriations Act of 2020. Most notably, the amendment included an extension...more

Bradley Arant Boult Cummings LLP

IRS Finalizes Revised Hardship Regulations - Employee Benefits Alert

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The Internal Revenue Service (IRS) has finalized revisions to the regulations governing hardship distributions under 401(k) and 403(b) plans. The final regulations make some subtle but important changes to the regulations...more

Akin Gump Strauss Hauer & Feld LLP

What's New in Washington - September 2019

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Congress returns to D.C. this week for a short three-week sprint to a series of important deadlines on September 30. Chief among them is funding the federal government for Fiscal Year (FY) 2020 which begins on October 1,...more

McDermott Will & Emery

Weekly IRS Roundup June 3 – 7, 2019

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 3 – 7, 2019. June 4, 2019: The IRS issued a news release noting that it granted tax relief...more

Brownstein Hyatt Farber Schreck

Committee on Ways and Means Releases Tax and Oversight Bill

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On Nov. 26, 2018, the Committee on Ways and Means released the tax and oversight package. The bill includes... ...more

Burr & Forman

Hurricane Florence: Federal and South Carolina Tax Return Filings and Payments

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Recognizing the devastating effects of Hurricane Florence, President Trump on September 10, 2018 declared that an emergency exists in the State of South Carolina and ordered federal assistance to be available beginning...more

Littler

Puerto Rico Department of the Treasury issues Q&As Clarifying Guidance on Qualified Payments Made for Hurricane María Disaster...

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As previously discussed, on October 4, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination No. 17-21 (“AD 17-21”) granting temporary income tax exemption for payments...more

Littler

Puerto Rico Treasury Department Issues Post-Hurricane Rules for Qualified Retirement Plan and IRA Distributions and Loans

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On November 15, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination Number 17-29 ("AD 17-29") to provide special rules and procedures applicable to distributions from...more

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