“Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Colorado)
FEMA’s disaster declaration allows certain employer-sponsored charities to provide disaster relief programs for affected employees.
Allowing employer-sponsored charities to provide relief (Colorado)
The IRS today issued a release announcing tax relief for taxpayers in Colorado affected by wildfires (December 30, 2021). This follows the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA).
Read the IRS release—IR-2022-01 (January 3, 2022)
FEMA’s disaster declaration allows certain employer-sponsored charities to provide disaster relief programs for affected employees. In particular, employer-sponsored private foundations and donor-advised funds may provide assistance to the sponsoring employer’s employees and their family members as long as the individuals receiving aid are affected by a qualified disaster and certain safeguards are in place so that such assistance is serving charitable purposes. Read Publication 3833 [PDF 340 KB].
For additional information regarding how employers can assist employees affected by the disaster, read a 2021 report [PDF 172 KB] prepared by KPMG LLP: What’s News in Tax: Employers Helping Employees—Disaster Relief
The tax relief provided by the IRS to affected taxpayers also postpones the due date for various tax return filings and tax payments due on or after December 30, 2021, until May 16, 2022. Read TaxNewsFlash
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Preston Quesenberry | +1 202 533 3985 | firstname.lastname@example.org
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