United States

Tax Relief for Disaster Recovery Efforts

Insights and practical guidance in the wake of a natural disaster

When a natural disaster becomes an unfortunate reality, those affected are widespread:

  • Communities where destruction occurred
  • Companies that have had loss of property
  • Employers, charities, and the community providing support to their employees
  • Contractors involved in rebuilding the infrastructure
  • Insurers assessing the damage

KPMG LLP (KPMG) tax professionals examine the special tax law provisions that may help taxpayers and businesses recover financially from the impact of a disaster. 

 

Bookmark this page to stay on top of the latest news and insights on disaster recovery.

The New Employee Retention Credit

Learn about the federal tax credit that may be available for businesses that have been affected by recent natural disasters.

> Click here to learn more

 

KPMG TaxWatch Disaster Recovery Webcast Series

A series of Webcasts focused on the tax implications of disaster recovery

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> Employer Assistance to Employees and Postponed Filing Dates

Focuses on IRS treatments of various types of employee assistance, including charitable contributions, as well as addressing the postponed IRS filing dates for those impacted by the recent hurricanes. Original airdate: Sept. 18, 2017. 

> Tax Considerations for Recovery Service Providers

Addresses several tax issues that businesses and contractors who are deployed to assist with repair projects should consider. Original airdate: Sept. 25, 2017.

> Casualty Loss Issues

Reveals several tax issues that companies dealing with casualty loss should consider. Original airdate: Oct. 4, 2017.

 

The tax implications of disaster recovery - learn more:

Affected Entities

Affected Entities

Those organizations directly impacted by a natural disaster

Relief Providers

Relief Providers

Employers, communities, & charities assisting affected employees

Insurers

Insurers

Insurance companies charged with assessing the damage

Contractors

Contractors

Enterprises involved in the rebuilding of affected infrastructures

 

Latest news and guidance

 

KPMG's other services

Extended Time, Health and Pension Plans Affected by Hurricane Maria

The U.S. Treasury Department and IRS, along with the Employee Benefits Security Administration of the Labor Department, issued a release for publication in the Federal Register that announces that certain time frames are extended for participants and beneficiaries covered by group health plans, disability and other welfare plans, and pension plans who were directly affected by Hurricane Maria.

Read more

Notice 2017-70: Leave-Based Donation Payments, 2017 California Wildfires

The IRS released an advance version of Notice 2017-70 as guidance on the treatment of leave-based donation programs to aid victims of the California wildfires that began October 8, 2017.

Read more

Hardship Distributions, Loans from Retirement Plans, Hurricane and Wildfire Relief

The IRS released an advance version of Announcement 2017-15 that provides relief for taxpayers who were affected by Hurricane Maria or the recent wildfires in California.

Read more

KPMG Report: New Employee Retention Credit, Hurricane-Related Relief

Congress recently passed legislation that provides a federal income tax credit to certain employers that continue to pay their employees during periods of time when their places of business are inoperable due to the effects of one of three recent hurricanes. 

Read more

Hurricane-related Relief from the "United States Property" Designation for CFCs, Expanded

The IRS released an advance version of Notice 2017-68 extending the period for relief from application of rules for “United States property” when controlled foreign corporations (CFCs) need to move the property—that is, “section 1221(a)(1) property”—because of the damage caused by Hurricanes Irma and Maria. 

Read more

Puerto Rico: Updated Guidance on Tax Deadlines, Following Hurricane Maria

Recognizing the significance of the damage caused by Hurricane Maria, the Puerto Rico Treasury Department published an information bulletin concerning the approaching tax deadlines.

Read more

Puerto Rico: Tax Authority's Guidance on Tax Deadlines Following Hurricanes

In the aftermath of Hurricane Maria, most of Puerto Rico lacks power and access to telecommunications, and the government’s central website is not fully operational and has accessibility issues. As such, communications with agencies and municipalities is nearly impossible. The Puerto Rico Department of Treasury has established a temporary remote location from which it is managing the most urgent issues.

Read more

Tax Relief for Hurricane Maria in Puerto Rico, U.S. Virgin Islands

The IRS announced tax relief for taxpayers affected by Hurricane Maria in Puerto Rico and in the U.S. Virgin Islands. 

Read more

Hurricanes Harvey and Irma: Casualty Loss Deductions

A brief overview of the basic principles of the Internal Revenue Code's casualty loss provisions. 

Read more

Tax Relief Available for Businesses Affected by Hurricane Irma

Companies affected by Hurricane Irma and its aftermath—particularly those in counties designated by the federal government as disaster areas—may benefit from a number of federal tax relief provisions. 

Read more

KPMG Report: Tax Relief Available for Businesses Affected by Hurricane Harvey

Companies affected by Hurricane Irma and its aftermath—particularly those in counties designated by the federal government as disaster areas—may benefit from a number of federal tax relief provisions.  Read a description of some of the relief measures that may be available.

Read more

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Recovery and Rebuild

Discover how KPMG Advisory Services can help individuals, governments, and businesses deal with the impact of a natural disaster.

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Insurance Claims Services

Learn how KPMG professionals can assist in the filing of complex property damage and business insurance claims.

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Infrastructure and Rebuilding

Practical strategies to turn the most complex infrastructure projects from building blocks to reality.

Learn more

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State, Local, and Federal Government

Understanding the challenges that all levels of the government face with multiple competing priorities in the wake of a natural disaster.

Learn more

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Contact Us:

Infrastructure

Contact James Atkinson
James Atkinson

Principal, Washington National Tax
713-319-3190
Email      View Bio

Human Resources

Contact Karen Field
Karen Field

Principal, Compensations & Benefits Group
202-533-4234
Email      View Bio

Infrastructure

Contact Holly Belanger
Holly Belanger

Partner, Passthroughs Group
202-533-4096
Email      View Bio

Infrastructure

Contact Michael Moore
Michael Moore

Partner, Business Tax Services
303-382-7748
Email      View Bio

Charitable Contributions

Contact Alexandra Mitchell
Alexandra Mitchell

Managing Director, Exempt Organizations Group
202-533-6078
Email      View Bio

Trade and Customs

Contact Andrew Siciliano
Andrew Siciliano

Partner, Trade and Customs Services
631-425-6057
Email      View Bio

State and Local Tax

Contact Douglas Maziur
Douglas Maziur

Principal, State and Local Tax Group
713-319-3866
Email      View Bio

Filing Dates and Procedures

Contact Harve Lewis
Harve Lewis

Director, Practice, Procedure, and Administration Group
202-533-6024
Email      View Bio

Filing Dates and Procedures

Contact Lawrence Mack
Lawrence Mack

Director, Practice, Procedure, and Administration Group
202-533-3381
Email      View Bio

 

 

For General Inquiries on Tax Relief for Natural Disasters:

Hurricane Harvey

Contact Douglas Maziur
Douglas Maziur

Principal, State & Local Tax
713-319-3866
Email      View Bio

Hurricane Maria

Contact Rolando Lopez
Rolando Lopez

Partner-in-Charge, Tax Operations in Puerto Rico
787-622-5340
Email      View Bio

Hurricane Harvey

Contact Paul Mundwiller
Paul Mundwiller

Partner, Business Tax
713-319-2959
Email      View Bio

Hurricane Maria

Contact Carlos Molina
Carlos Molina

Partner, Tax
787-622-5311
Email      View Bio

Hurricane Irma

Contact Benjamin Rohrer
Benjamin Rohrer

Managing Director, Tax
404-222-7190
Email      View Bio

California Wildfires

Contact Craig Ellis
Craig Ellis

Partner, Tax
415-963-7330
Email      View Bio