2010-03-09 IRS Announces Qualified Disaster Treatment for Chile IR-2010-28, March 9, 2010 Washington The Internal Revenue Service today issued guidance designating the earthquake that occurred in Chile in February 2010 as a qualified disaster for federal tax pur

Date: 2010-03-09

Washington The Internal Revenue Service today issued guidance designating the earthquake that occurred in Chile in February 2010 as a qualified disaster for federal tax purposes. The guidance allows individuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. Also, the guidance allows employer-sponsored private foundations to assist employee-victims in areas affected by this earthquake without affecting their tax-exempt status.

Qualified disaster relief payments include amounts to cover necessary personal, family, living or funeral expenses that were not covered by insurance. They also include expenses to repair or rehabilitate personal residences or repair or replace the contents to the extent that they were not covered by insurance. Again, these payments would not be included in the individual recipient's gross income.

Qualified disasters include Presidentially declared disasters and any other event that the Secretary of the Treasury determines to be of a catastrophic nature. The IRS has determined that the earthquake that occurred in Chile in February 2010 is an event of a catastrophic nature for purposes of the federal tax law.

The IRS will presume that disaster relief that a private foundation provides to employee-victims and their family members in areas affected by the earthquake in Chile are consistent with the foundation's charitable purposes.

CONTACT FREDRICK JAMES TODAY!


Contact Us

Call our Clearwater, Florida Business Tax Accountants at (727) 474-0922 to schedule a free consultation to find out how Fredrick James can save your business money!

MEET THE TEAM

Fred Daus

Fred Daus

Chief Accountant and CEO
View Bio
Crystal Daus

Crystal Daus

Chief Operating Officer
View Bio
Joseph Dolan

Joseph Dolan

Senior Accounting Manager
View Bio
Steve Cook

Steve Cook

Senior Accountant
View Bio

OFFICE LOCATION & DIRECTIONS

Fredrick James Tax, Accounting & Consulting

Fredrick James Tax, Accounting & Consulting

Contact Information:
Phone: (727) 474-0922
Email Us


Location:
600 Bypass Dr. Suit #112
Clearwater, Florida 33764

Get Directions


Follow us on Social Media:
blog facebook linked in twitter youtube

Client Login FJ Anywhere © 2002-2019 Fredrick James Tax, Accounting & Consulting All rights reserved.     Terms of Use | Privacy Policy
Stay Connected: blog facebook linked in twitter youtube