Hurricane Irma - Employee retention tax credit for employer

The Disaster Tax Relief and Airport and Airway Extension Act of 2017, was signed by President Trump on September 29. The law provides a valuable tax credit for eligible employers affected by the hurricane. Specifically, an employee retention credit is now available for “eligible employers” affected by Hurricane Irma generally defined as those conducting an active trade or business in a qualifying disaster zone on the date of the disaster if the business was rendered inoperable for some period of time following the disaster. In general, the credit equals 40% of up to $6,000 of qualified wages with respect to each eligible employee for the tax year. Ask us for more details on this important credit and how your business can benefit.

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