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Posts tagged as “federal disaster”

Hurricane Relief Law for Employers


This past week, September 29th, President Trump signed into law the Disaster Tax Relief and Airport and Airway Extension Act of 2017.  In addition to allowing early withdrawals and loans from retirement plans, deductions for casualty losses, and other personal tax considerations, there is an employment related tax credit for employers (Sec. 503) for retaining their employees during one of the three recent hurricanes; Harvey, Irma, and Maria. Qualifying businesses with locations in one of the Federal declared disaster areas can claim a tax credit for continuing to pay their employees during the time that the business was inoperable until…