IRS Announces Qualified Disaster Treatment of Payments and other Relief for Victims of Hurricane Sandy; Plan Sponsors can Provide Relief for Employees Affected by Hurricane SandyS. Michael ChittendenMarianna G. DysonC. Frederick Oliphant III
The U.S. Internal Revenue Service (IRS) recently issuedNotice 2022-45(the Notice), extending deadlines for amending an eligible retirement plan to reflect certain provisions of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) and the Taxpayer Certainty ...
, penalty-free coronavirus-related distributions, increasing the permissible loan amount, and delaying repayment of loan amounts—from December 31, 2022 to December 31, 2025. In addition, Notice 2022-45 similarly extends the deadline for adopting qualified disaster distribution provisions pursuant to ...
The IRS defines three types of casualty losses: federal casualty losses, disaster losses, and qualified disaster losses. All three of are federally declared disasters, but the requirements for each loss vary.IRS Form 4864, Casualties and Thefts, has more details which are updated with each release...
and you know what they say about getting what you pay for. That's why when it is time for you to file your own taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent, or other reputable, qualified tax preparer who is familiar with your...
Any 45-day or 180-day deadline that falls on or after the Disaster Date is extended to the longer of (1) 120 days from such deadline; or (2) the General postponement date. Visit for full details on the tax relief. Details above provided by the Federation of Exchange Same as ...
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(d), which provides a mandatory 60-day extension for qualified taxpayers, including taxpayers who reside in a disaster area. Under I.R.C. § 7508A(d)(1) the mandatory extension runs from the earliest incident date to which the declaration of disaster relates to the date that is 60 da...
CPA firms are simply not going to have access to — not only current tax-year payroll information, but prior-year data on a per-employee basis; as well as information on how many employees qualified to participate (whether or not they actually participated), again both in 2022 and in 2023...
When a significant natural disaster hits – such as a hurricane, earthquake, tornado, flood, wildfire, blizzard, or the like – the IRS will extend upcoming federal tax deadlines for affected taxpayers if a federal disaster is declared. The extended due dates apply to most fe...