Economy

Goodwill taking clothing donations for Harvey victims

Goodwill taking clothing donations for Harvey victims”

The relief also applies to taxpayers not in the disaster area but whose records are located in the disaster area.

It has been nearly one week since Hurricane Harvey ripped through southeast Texas, leaving many without a home or their belongings. But the relief also applies to an employee whose spouse, dependent, lineal ascendant or descendant had a principal residence or place of employment in one of these counties on that date.

While the Cullman relief drive seeks only items and not money, the Internal Revenue Service is warning people nationwide who want to help out by donating money to be aware of possible fake charity scams, and to seek out recognized charitable groups for giving.

LP will make a $500,000 donation distributed to non-profit organizations including the American Red Cross, Salvation Army and the United Way of Greater Houston Relief Fund to help with emergency shelter, food and relief supplies. For example, 401 (k) plan regulations identify very specific safe harbor events that allow a plan to process a "hardship" distribution, such as where the distribution is necessary to pay certain medical expenses.

Tomorrow's 2nd Fridays street festival is among a number of local collection points for an ongoing, week-long Hurricane Harvey relief drive being coordinated by the City of Cullman. This is just a snapshot description of the relief - there are other benefits as well.

If you are interested in taking advantage of this special IRS relief, please let your McAfee & Taft Employee Benefits attorney know, as there are specific rules that have to be followed. Plan loans made pursuant to the announcement must satisfy certain requirements as well.

If a plan administrator is terminating a plan and resides in one of the affected Texas counties, that person has until January 31, to file the required notices, including the standard termination notice, to complete the distribution of plan assets and to file the post-distribution certification without penalty.

One young woman miles away from Texas found a unique way to encourage hurricane relief donations - and it involves her roommate's cat. Under the IRS relief, donated leave won't be included in the income or wages of the employees, and the employer is permitted to deduct the cash payment as a business expense. Again, employers should consult with their counsel to make sure any such a program is structured properly and in accordance with the guidance.

The postponement also includes return filing, tax payment, and other time-sensitive acts related to Georgia tax types not administered by the IRS such as Georgia sales and use tax but does not apply to International Fuel Tax Agreement interest.



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