DALLAS, Oct. 6, 2017 /PRNewswire/ -- On September 29, 2017, President Trump signed H.R. 3823: Disaster Tax Relief and Airport and Airway Extension Act of 2017 into law. Several tax benefits are outlined in the Act. The Employee Retention Tax Credit is a tax credit that can be utilized by employers left inoperable by the devastation caused by Hurricanes Harvey, Irma, and Maria. The Act allows employers to claim a tax credit equal to 40%, up to $6,000, of the wages paid to an employee if their location of employment was in a core disaster area. The credit also applies to wages paid during the time that the business remained inoperable. Eligible areas are areas declared "hurricane disaster areas" by the President before September 21, 2017.
Businesses that were or remain inoperable during the following periods of time may qualify for the Employee Retention Tax Credit:
- Hurricane Harvey: August 23, 2017 – January 1, 2018
- Hurricane Irma: September 4, 2017 – January 1, 2018
- Hurricane Maria: September 16, 2017 – January 1, 2018
Ryan, an award-winning global tax services and software provider, is the largest firm in the world dedicated exclusively to business taxes. With global headquarters in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multi-jurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 14,000 clients in more than 45 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
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