The Internal Revenue Service is lending a hand to victims of Hurricanes Harvey, Irma and Maria by offering temporary relief from some requirements of the tax code to owners and operators of low-income housing projects who have room to shelter some of the displaced people.
Rep. Lloyd Doggett, D-Texas, along with 30 other members of Congress, has introduced a bill to provide tax relief to victims of Hurricanes Harvey and Irma, in addition to the relief granted in recent weeks by the Internal Revenue Service.
It took two days after Hurricane Irma ripped through the British Virgin Islands, damaging or destroying an estimated 70 percent of the territory’s buildings, for the Caribbean tax haven to start piecing back together its lucrative corporate-registry business.
The Internal Revenue Service is giving tax-exempt organizations in the parts of Texas, Florida, Puerto Rico and the U.S. Virgin Islands affected by Hurricanes Harvey and Irma more time to file their returns.
The Internal Revenue Service streamlined the rules to make it easier for 401(k)s and similar employer-sponsored retirement plans to make loans and hardship distributions to storm victims and members of their families.