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TSCPA asks Congress for Automatic and Consistent Permanent Tax Relief for Declared Natural Disasters

September 20, 2017 - TSCPA sent a letter to Congress requesting automatic and consistent permanent tax relief for declared natural disasters, stating that it’s “vitally important that Congress pass additional legislation to aid individuals and businesses that are victims of these historic events.”

TSCPA supports several tax relief measures for victims of Hurricane Harvey, Hurricane Irma, all past federally-declared disasters for which the statute of limitations is still open, and all future federally-declared disasters. These relief measures include waiving individual casualty loss limitations, increasing the property replacement period to five years, waiving the penalty for early retirement withdrawal, and allowing a housing exemption for displaced individuals, among others.

Read the letter.