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Congress passes bill to help victims of recent hurricanes

Congress just passed a bill to help victims of Hurricanes Harvey, Irma and Maria. The “Disaster Tax Relief and Airport and Airway Extension Act of 2017” reauthorizes several Federal Aviation Administration programs for 6 months and offers temporary tax relief to victims. It makes it easier to deduct casualty losses by eliminating a requirement that personal losses exceed 10% of adjusted gross income. It also gives penalty-free access to retirement funds and temporarily suspends limits on the deduction for charitable donations to hurricane relief made by Dec. 31.

Bradley H. Kearns, CPA,

Nathaniel L. Fissel, CPA, MST,

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