Tag Archives: disaster

EMPLOYERS CAN IMMEDIATELY PROVIDE TAX-FREE QUALIFIED DISASTER PAYMENTS TO EMPLOYEES IN CONNECTION WITH COVID-19

Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available.  Now that the COVID-19 has been declared a national emergency,[1] Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are Read More…

CASUALTY & THEFT LOSSES

When an individual or a business incurs either a casualty or theft loss, questions often arise as to the deductibility of the loss, on their tax return.  A casualty loss occurs when property is damaged, destroyed, or lost from any unexpected or sudden event, such as a fire or hurriane.  A casualty loss does not Read More…