News & Analysis as of

Natural Disasters Internal Revenue Service

McDermott Will & Emery

Weekly IRS Roundup June 24 – June 28, 2024

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

Allen Barron, Inc.

IRS Recommends Planning to Protect Important Documents in the Event of a Natural Disaster

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In a recent notice the IRS is reminding all of us to undertake planning to protect important documents in the event of a natural disaster. This is National Wildfire Awareness Month, and we are in the midst of National...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

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Provides Guidance on PTO Donation Programs to Aid Victims of Hawaii Wildfires

On September 28, 2023, the Internal Revenue Service (IRS) issued updated guidance for employers that have adopted or are considering leave-based programs that allow employees to donate sick, vacation, or personal leave to...more

Sullivan & Worcester

Massachusetts And Maine Receive Hurricane Related Tax Relief

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The Internal Revenue Service delivered an unexpected surprise to taxpayers in Massachusetts and Maine this week by postponing to February 15, 2024 the deadline for various individual and business tax returns and tax payments...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

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

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

Bond Schoeneck & King PLLC

Hurricane Ian and Informed Giving After Natural Disasters

Many are seeking ways to aid Florida’s devastated communities in the aftermath of Hurricane Ian. In our prior article, “Informed Giving During Times of Crises,” we described how the tools of the tax lawyer can assist in...more

Holland & Knight LLP

Florida Department of Revenue, FinCEN Issue Filing Extensions After Natural Disasters

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In response to the major disaster declarations issued by the U.S. federal government and the Internal Revenue Service (IRS) issuing related disaster relief by extending tax deadlines for victims of Hurricane Ian, other...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

Shutts & Bowen LLP

IRS Announces Tax Relief for Victims of Hurricane Ian in Florida

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On September 29, 2022, the Internal Revenue Service (the “IRS”) announced certain tax relief for victims of Hurricane Ian in Florida. Following the recent disaster declaration issued by the Federal Emergency Management Agency...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

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

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

Freeman Law

COVID-19 Relief? Think Again!—Corporate Charitable Contributions for Disaster Relief

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Since the COVID-19 pandemic hit the United States in early 2020, relief efforts have taken many forms—personal services, legislative efforts, volunteer hours, and even charitable contributions. Yes, when both people and...more

Snell & Wilmer

IRS Confirms Major Disaster Leave-Sharing Program Use for COVID-19 Pandemic

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On August 3, 2020, the IRS posted a short set of frequently asked questions for leave-sharing programs which confirm that major disaster leave-sharing programs under IRS Notice 2006-59 can be used for employees who have been...more

Schwabe, Williamson & Wyatt PC

IRS Provides Tax Relief for Victims of Oregon Wildfires

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

Bricker Graydon LLP

401(k) and 403(b) plans must be updated January 1, 2020

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The IRS recently issued final regulations to standardize the administration of hardship distributions. Plans that permit hardship distributions must implement operational changes for hardship distributions by January 1, 2020,...more

McNees Wallace & Nurick LLC

IRS Finalizes Hardship Withdrawal Regulations

Not all 401(K) and other qualified plans allow hardship withdrawals, but if your plan does allow hardship withdrawals, make sure it is compliant with the new rules finalized in September.   All of the changes are optional for...more

Bradley Arant Boult Cummings LLP

IRS Finalizes Revised Hardship Regulations - Employee Benefits Alert

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

Carlton Fields

Plan Amendment Deadline Approaching for Plans That Implemented Hardship Changes in 2018 and 2019

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Retirement plan sponsors that implemented hardship distribution changes and other disaster relief in 2018 and 2019 probably have to amend their plan documents by the end of this year if they haven’t done so already. We...more

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