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New law provides additional hurricane disaster relief

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The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (P.L. 115-63), which became effective Sept. 29, 2017, extends relief to victims of the various hurricanes that have battered the U.S. since late August.

This relief is in addition to the relief that the IRS and the Department of Labor have already provided. (Details here and here.)

Employee retention tax credit

A temporary tax credit—worth 40%, up to $6,000, in wages paid per employee—is available to employers with active business operations and employees in the core disaster areas. Maximum credit: $2,400 per employee. Wages qualify for the credit regardless of whether employees have actually worked (the retention aspect of this credit), where employees end up working (i.e., working outside the disaster area still counts) or whether employees began working prior to the resumption of significant operations.

The credit applies beginning on the date on which a...(register to read more)

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