IRS Publishes Details for 2018-2019 Disaster Relief
The Internal Revenue Service (IRS) published information and instructions for companies to claim a special retention tax credit, available for businesses impacted by 29 identified natural disasters.
Disaster Relief Highlights
Businesses that retained employees during these disasters are entitled to claim a tax credit equivalent of up to $2,400 per eligible employee.
The identified disasters include Hurricane Michael & Harvey, Texas’ severe storms, as well as California’s wildfires; to name a few.
Disaster relief zones include counties within California, Texas, Florida, North Carolina, South Carolina, Georgia, Ohio, Oklahoma, Alabama, Mississippi, Indiana, and other states and U.S. Territories.
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