News & Analysis as of

Tax Deductions Natural Disasters

McDermott Will & Emery

Weekly IRS Roundup August 21 – September 1, 2023

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

Eversheds Sutherland (US) LLP

Wrong place, right time: IRS questions COVID-19 disaster loss for CFC worthless stock

During the COVID-19 federally declared disaster, companies scrambled to come up with tax strategies that could help to curb economic losses resulting from the COVID-19 pandemic. The section 165(i) acceleration provision for...more

Farella Braun + Martel LLP

Federal and California Taxpayer Relief: Reprieve From Wet Winter Weather

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 May 1 – May 7, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2022 – May 7, 2022... May 2, 2022: The IRS issued a news release as part of National...more

Gray Reed

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

Gray Reed on

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

Jackson Walker

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

Jackson Walker on

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

BCLP

Information on fake charities; Revisions to Form 8976 registration system; Update to Revenue Procedure 75-50

BCLP on

Beware of fake charities - IRS cautions taxpayers on scams involving disasters, charitable causes andencourages taxpayers to donate to recognized charities to help disaster victims. IRS’ annual “Dirty Dozen” also lists...more

Brooks Pierce

Hurricane Florence Disaster Recovery FAQ

Brooks Pierce on

Our thoughts are with the individuals and businesses affected by Hurricane Florence. The Brooks Pierce team would like to help provide some peace of mind during this time of recovery. We hope the information below will be...more

Mintz - Employment Viewpoints

The Impact of the Tax Cuts and Jobs Act on Employee and Fringe Benefits

The Tax Cuts and Jobs Act makes some notable, though targeted, changes to the employee benefits landscape. We summarize some of the more significant changes in the Question and Answers set out below....more

Jackson Walker

Tax Deductions are Available for Taxpayers with Hurricane Harvey-Related Damage and Loss

Jackson Walker on

Taxpayers that have sustained property damage (for example, damage to homes and vehicles) as a result of Hurricane Harvey may be entitled to deduct the amount of such casualty loss against their income for federal income tax...more

Bowditch & Dewey

Rebuilding After Hurricanes Harvey and Irma: Recovery Through Tax Deductions

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It is estimated that less than 20% of those affected by Hurricane Harvey, and a week later Hurricane Irma, had flood insurance. Home owner’s and renter’s insurance policies exclude damage caused by floods. Those affected...more

Pierce Atwood LLP

Massachusetts Appellate Tax Board Rejects Utility Loss Carryback

Pierce Atwood LLP on

Massachusetts Electric Company v. Commissioner of Revenue - Appellate Tax Board Docket No. C310170 (February 24, 2016) - The Appellant, Massachusetts Electric Company (“MEC”), was a Massachusetts public utility...more

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