As expected, Congress has extended the tax relief offered to Hurricane Katrina victims to those affected by hurricanes Wilma and Rita as well. In doing so, Congress created a broad range of tax incentives that will help both recovering businesses in the Gulf Coast region as well as new businesses considering moving into the devastated areas. As part of this tax package, Congress also included some clean-up work of its own, making technical corrections on tax legislation going back as far as 1987. CCH’s tax editors have prepared a complete Tax Briefing to help practitioners get up to speed on what they must know about this new legislation before filing 2005 returns.
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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.
Read this article from CCH’s Journal of Taxation of Financial Products.