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Serving Central Texas Since 1967

Seidel Schroeder Special Announcement

In times such as these we are humbled and reminded that it takes a community, defined not by geographic size or location but rather by relationships and humanity, to help.  "In every community, there is work to be done.  In every nation, there are wounds to heal.  In every heart, there is the power to do it." Marianne Williamson

There are many opportunities to get help and give help during this time of disaster.  Some are more obvious than others and below we mention a few that may be less known.  As with any tax law, details of transactions are critical in order to preserve the deductibility.  If you are considering any of the giving options below, please call our office to discuss further.

Get Help:  Disaster Assistance from Texas

If you or someone you know lost their job, or are self-employed and have been unable to work, due to damage sustained from Hurricane Harvey you may be eligible for Disaster Unemployment Assistance.  You can apply online through the Texas Workforce Commission's website or by calling.

If you live or work in the following counties, you have until September 27th to apply:  Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria, and Wharton.

If you live or work in the following counties, you have until September 29th to apply:  Colorado, Fayette, Hardin, Jasper, Jefferson, Montgomery, Newton, Orange, Sabine, San Jacinto, and Waller.

Get Help:  Federal Tax Filing/Payment Relief

As of 9/7/17 the following counties are granted relief as federally declared disaster areas:  Aransas, Austin, Bastrop, Bee, Brazoria, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, and Wharton.

Those individuals whose principal residence or a business entity whose place of business/records are within the federally declared disaster counties mentioned above are provided temporary relief for returns and certain payments due between August 23, 2017 and January 30, 2018.  This includes relief from penalties and interest. The relief provisions are specific to forms, payments, and dates.  Please call our office to discuss facts of your situation.

IRS specialists trained to handle disaster-related issues are available at 866-562-5227.

Give Help:  Employers and Employees

In times of a federally declared disaster, employers may assist their employees with disaster relief payments.  Qualified payments are excluded from the recipient's taxable income to the extent they are not reimbursed by insurance for the same expenses, and Congress intends that these qualified disaster relief payments be deductible to the same extent.  These qualified payments include amounts to reimburse or pay any reasonable and necessary expenses for 1) personal, family living or funeral expenses, 2) repair of personal residence or its contents, 3) temporary housing, 4) transportation, and 5) medical.  Reimbursement for lost wages, however, is taxable to the employee.

Employees can forgo vacation, sick, or personal leave in exchange for employer contributions to charitable organizations providing relief to Hurricane Harvey victims and employers may deduct the amounts as business expenses.  Monies may also be directed through donor advised funds or employer-sponsored private foundations in which employers and employees receive tax deductions.

Preservation of deductions and exclusions from income are found in the details, and it is important that you discuss with your tax advisor prior to taking action.  If you have questions about what help is available and how that help will affect your tax situation, please call our office.