In the wake of the recent hurricanes to strike the United States and Puerto Rico, Congress has passed a package of tax relief measures, the Disaster Tax Relief and Airport and Airway Extension Act1 (the “Act”), to assist individuals and businesses that were adversely affected by the storms. The bill was signed into law on September 29, 2017. Included in the Act is an Employee Retention Credit for eligible employers who continued to pay eligible employees during a period of inoperability as a result of damage sustained by reason of Hurricane Harvey, Hurricane Irma, or Hurricane Maria. 2 The amount of the credit is 40 percent of qualified wages on up to $6,000 in wages paid to each eligible employee during the period of inoperability (i.e., up to a $2,400 credit per eligible employee). To be eligible, the employer must have conducted an active trade or business in the disaster area of each storm and must have been inoperable on any day after the effective date of the storm...Read More
Posts Tagged ""Puerto Rico"
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