News & Analysis as of

Internal Revenue Service Hurricane Harvey

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Kilpatrick

Hurricane Relief Legislation for Retirement Plans

Kilpatrick on

We addressed hurricane relief for retirement plans offered by the IRS and other agencies in previous blog posts While the IRS relief allows for easier access to retirement funds on account of losses due to the recent...more

Kelley Drye & Warren LLP

Hurricane Disaster Relief

President Signs Bill Granting Hurricane Disaster Relief - In the wake of the devastation caused by Hurricanes Harvey, Irma and Maria, President Trump recently signed the Disaster Tax Relief and Airport and Airway Extension...more

Proskauer Rose LLP

ERISA Newsletter - Third Quarter 2017

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Editor's Overview - As we have observed on other occasions, the ERISA class action plaintiffs' bar has, for several years now, honed in on 401(k) plan fiduciaries and their decisions to select and retain investment options...more

BCLP

EO Update: e-News for Charities & Nonprofits

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The IRS is providing several types of tax relief for those affected by hurricanes hitting Texas, Florida, Georgia, Puerto Rico and the U.S. Virgin Islands. We’re monitoring the situation closely to resolve potential tax...more

Patterson Belknap Webb & Tyler LLP

IRS Relaxes Rules for Plan Loans and Hardship Distributions for Hurricane Harvey and Hurricane Irma Victims

The IRS announced (through the two announcements 2017-11 and 2017-13) relief for victims of Hurricane Harvey, which struck Texas and surrounding areas in August 2017, and victims of Hurricane Irma, which struck Florida and...more

Foley & Lardner LLP

When Disaster Strikes: IRS Guidance Gives Employers Additional Options for Assisting Employees Hit by Hurricanes Harvey and Irma

Foley & Lardner LLP on

When Hurricanes Harvey and Irma made landfall in Texas and Florida, they gave rise not only to widespread property damage, but to a humanitarian disaster as well. The massive storms have left scores dead and thousands...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Relief for Hurricane Victims

Thanks to the damage caused by Hurricane Harvey and Hurricane Irma, the Internal Revenue Service (IRS), Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC) have granted extensions of certain...more

Bradley Arant Boult Cummings LLP

IRS Issues Guidance to Ease Assistance for Hurricane Recovery

While Hurricanes Harvey and Irma have subsided, recovery efforts have just begun. In an effort to help bring timely assistance to beleaguered residents of areas hard hit by the storms, the Internal Revenue Service (IRS) has...more

Fox Rothschild LLP

IRS Announces Benefits Relief For Hurricane Victims

Fox Rothschild LLP on

In the wake of Hurricane Harvey, the IRS provided some employee benefits-related relief to plan sponsors and participants. That relief was then extended to the victims of Hurricane Irma....more

Kilpatrick

IRS, PBGC and DOL Provide Additional Hurricane Relief

Kilpatrick on

The IRS issued an announcement paralleling the relief granted to Hurricane Harvey victims to those in Florida affected by Hurricane Irma. Announcement 2017-13 (the “Announcement”) relaxes hardship distribution standards for...more

Alston & Bird

Dealing with Disaster: Issues and Relief for Employee Benefit Plans

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In the period following natural disasters such as Hurricanes Harvey and Irma, employer plan sponsors will be faced with any number of hardship-related employee benefit plan administration issues. Many of these involve...more

Robinson & Cole LLP

Special Rules for Plans due to Hurricane Irma

Robinson & Cole LLP on

On September 12, 2017, the Internal Revenue Service (IRS) issued Announcement 2017-13, which provides guidance on the ability of qualified plans to provide plan loans and hardship distributions to people in Florida affected...more

Carlton Fields

Retirement Plan and Leave Donation Programs During States of Emergencies

Carlton Fields on

This article should interest employers offering retirement plan benefits or leave donation programs to employees affected by Hurricanes Harvey and Irma, in particular, and in various states of emergencies, in general. It...more

Clark Hill PLC

Donating To Employees Affected By Hurricane Harvey

Clark Hill PLC on

According to a recent estimate from the U.S. Chamber of Commerce, companies have pledged more than $157 million to relief efforts addressing the devastation of Hurricane Harvey. But when your own employees are the people in...more

Winstead PC

Hurricane Hardship and Loan Relief Also Extended to Hurricane Irma, Pension Relief and a Cybersecurity Update

Winstead PC on

The Internal Revenue Service (the “Service”) issued and announcement providing relief from verification of the qualification of an individual’s request for a hardship withdrawal or a loan in order for a person to obtain the...more

BCLP

Help for Hurricane Harvey…and Irma Too

BCLP on

Employers seeking ways to help employees and their family members affected by Hurricanes Harvey or Irma should consider the various relief made available by the Internal Revenue Service under Announcements 2017-11 and 2017-13...more

McGuireWoods LLP

Qualified Disaster Relief Payments by Employers Not Taxable Income to Employees

McGuireWoods LLP on

Hurricane Harvey caused record-breaking devastation to Texas, followed quickly by Hurricane Irma, one of the strongest Atlantic storms in history, wreaking destruction in the southeastern United States. In the midst of these...more

Pillsbury Winthrop Shaw Pittman LLP

Internal Revenue Service Provides Helpful Relief to Hurricane Victims

Announcement 2017-11 (Announcement) provides that a tax-qualified employer retirement plan may treat a distribution to a current or former employee covered by the Announcement as on account of hardship or an unforeseeable...more

Morgan Lewis

Hurricane Recovery Client Alert: Establishing a Charitable Leave Donation Program

Morgan Lewis on

Tips on setting up a pooled fund of employee leave by giving employees the option of donating leave that can be converted into cash contributions to charities assisting the victims of Hurricane Harvey....more

Snell & Wilmer

IRS Issues Hurricane Harvey Relief

Snell & Wilmer on

In Announcement 2017-11, the IRS relaxed standards for hardship distributions and loans from qualified retirement plans for those affected by Hurricane Harvey. This relief applies to employees or former employees and their...more

Locke Lord LLP

Hurricane Harvey Relief for Employees and Employers

Locke Lord LLP on

Employers seeking to ease the hardships faced by employees in the aftermath of Hurricane Harvey may be looking for ways to provide aid to their own workforces. Qualified Disaster Relief Payments - Generally, a payment...more

Epstein Becker & Green

Hurricane Harvey and Tropical Storm Harvey: What Kind of Relief May Employers Offer to Affected Employees? What About Hurricane...

Employers with employees and operations impacted by Hurricane and Tropical Storm Harvey are asking what type of compensation, employee benefits, and tax relief may be available to them and their affected employees. There are...more

Bracewell LLP

Hurricane Harvey Relief for Employees

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Following Hurricane Harvey and its resulting destruction, many employees are in need of financial assistance and/or early access to retirement funds. We will highlight how employers can make direct financial assistance...more

McAfee & Taft

IRS announces special relief to help victims of Hurricane Harvey

McAfee & Taft on

Last week the IRS announced that 401(k) plans and certain similar employer-sponsored retirement plans can make loans and hardship distributions to help victims of Hurricane Harvey....more

Baker Donelson

Government Agencies Grant Employee-Benefits Relief for Harvey Victims

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In response to Hurricane Harvey and the catastrophic flooding in Texas, the IRS and U.S. Department of Labor have announced relief for those individuals and businesses in the affected disaster areas. The "covered disaster...more

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