"

Estimated reading time: 1 minute, 6 seconds

IRS Issues Guidance on Chilean Earthquake

Tuesday, Mar 09 2010
Tax
Written by 
IRS logoWASHINGTON, D.C. The Internal Revenue Service has designated the earthquake that occurred in Chile last month as a qualified disaster for federal tax purposes. The guidance enables those dividuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. It also permits employer-sponsored private foundations to assist employee-victims in affected areas without altering their tax-exempt status.
Such qualified payments include those made to cover personal, family, living or funeral expenses not covered by insurance, along with expenses not covered by insurance for repairing or rehabilitating personal residences or repairing or replacing the contents.
Kurt Martin
Kurt Martin is a Founder and Group Publisher of Progressive Media Group (PMG) and the Publisher of The Progressive Accountant. During his tenure as Publisher of The NonProfit Times, he grew the imprint from a single newspaper to a community of websites, online job boards, email newsletters and digital editions of the print editions.  Prior to taking the role of Publisher he was the East Coast Sales Manager for Broad Daylight, Inc. a knowledgebase company. He also held management roles in advertising and ciruculation sales at American Banker/Bond Buyer (Thomson), Faulkner & Gray (Thomson) and SourceMedia's Accountants Media Group (Investcorp.) Kurt graduated from Montclair State University with a B.A. in Political Science and Public Administration.   
Read 6438 times
Rate this item
(0 votes)
More in this category: « The IRS Asks for Trouble; Some Kinds Anyway Ten Tax Season Tips for Preparers from CCH »
Kurt Martin

Latest from Kurt Martin

Visit other PMG Sites:
Template Settings
Theme

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Link Color
Text Color

Header

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5

Footer

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5
Layout
Select layout
Menu
Select menu
Typography
Google Font
Body Font-size
Body Font-family
Direction
Reset
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline