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IRS Issues Guidance on Chilean Earthquake

Tuesday, Mar 09 2010
Tax
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IRS logoWASHINGTON, D.C. The Internal Revenue Service has designated the earthquake that occurred in Chile last month as a qualified disaster for federal tax purposes. The guidance enables those dividuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. It also permits employer-sponsored private foundations to assist employee-victims in affected areas without altering their tax-exempt status.
Such qualified payments include those made to cover personal, family, living or funeral expenses not covered by insurance, along with expenses not covered by insurance for repairing or rehabilitating personal residences or repairing or replacing the contents.
Kurt Martin
Kurt Martin is a Founder and Group Publisher of Progressive Media Group (PMG) and the Publisher of The Progressive Accountant. During his tenure as Publisher of The NonProfit Times, he grew the imprint from a single newspaper to a community of websites, online job boards, email newsletters and digital editions of the print editions.  Prior to taking the role of Publisher he was the East Coast Sales Manager for Broad Daylight, Inc. a knowledgebase company. He also held management roles in advertising and ciruculation sales at American Banker/Bond Buyer (Thomson), Faulkner & Gray (Thomson) and SourceMedia's Accountants Media Group (Investcorp.) Kurt graduated from Montclair State University with a B.A. in Political Science and Public Administration.   
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