Monday, 18 December, 2017

FedEx pledges $1m for Hurricane Irma relief efforts

FedEx pledges $1m for Hurricane Irma relief efforts FedEx pledges $1m for Hurricane Irma relief efforts
Nellie Chapman | 17 September, 2017, 14:17

As part of a coordinated federal response to the damage caused by Hurricane Irma and paralleling the relief previously extended to victims of Hurricane Harvey, on September 12, 2017, the Internal Revenue Service (IRS) announced in a news release (IRS New Release 2017-150) that for certain taxpayers it would postpone various individual and business federal tax return filing and payment deadlines that were to occur on or after (1) September 4, 2017 for taxpayers in Florida and (2) September 5, 2017 for taxpayers in Puerto Rico and the Virgin Islands until January 31, 2018. This is similar to relief that the IRS granted last month to victims of Hurricane Harvey.

A person who lives outside the disaster area also can take out a retirement plan loan or hardship distribution and use it to assist a son, daughter, parent, grandparent or other dependent who lived or worked in the disaster area.

Specifically, it provides extensions for verification procedures for plan loans and distributions, participant contributions and loan payments, blackout notices, and group health plan compliance. Plans can ignore the reasons that normally apply to hardship distributions, thus allowing them, for example, to be used for food and shelter. If a plan requires certain documentation before a distribution is made, the plan can relax this requirement as described in Announcement 2017-13. "Hurricane Irma has devastated communities in Florida and beyond in much the same way Harvey affected Texas", said Nichols.

The tax-relief action announced by the IRS postpones various tax filing and payment deadlines starting on September 4, 2017, in Florida and September 5, 2017, in Puerto Rico and the Virgin Islands.

The IRS will be working closely with the Federal Emergency Management Agency to identify the areas that are devastated and are in serious requirement of tax reliefs.

Real Estate Mortgage Investment Conduits Get Penalty Relief: Notice 2017-47, which initially provided penalty relief to certain partnerships that filed untimely returns or requests for extensions of time to file those returns, has been updated to now apply to both partnerships and real estate mortgage investment conduits (REMICs), which are treated as partnerships for purposes of subtitle F of the tax code.

House Ways and Means Chairman Kevin Brady told CNN's Phil Mattingly that the goal is to help people in several ways. Additional information on other possible return or payment actions that may qualify for the extension is available on the IRS disaster relief page.

She said: 'The UK response was a speedy one. To qualify for this relief, hardship withdrawals must be made by January 31, 2018.

$50,000 each to UNICEF and Save The Children to aid worldwide communities impacted by Hurricane Irma.