“Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Puerto Rico)
FEMA’s disaster declaration also allows certain employer-sponsored charities to provide disaster relief programs for affected employees.
Allowing employer-sponsored charities to provide relief (Puerto Rico)
The IRS issued a release announcing tax relief for taxpayers in Puerto Rico affected by Hurricane Fiona. This follows the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA).
Read the IRS release—PR-2022-10 (September 19, 2022)
FEMA’s disaster declaration also 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 qualifying 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 is provided by the IRS to affected taxpayers who now have until February 15, 2023, to file various individual and business tax returns and make tax payments. Read TaxNewsFlash
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Ruth Madrigal | email@example.com
Preston Quesenberry | firstname.lastname@example.org
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.