Texas CPA Society, Florida Lawmakers Call for Hurricane Tax Relief

The 2005 hurricane season may be over but the call for tax relief and assistance for those affected by this season’s storms is still in full swing. In fact, it seems to be gaining momentum.

The Texas Society of Certified Public Accountants (TSCPA) has asked Congress to pass legislation extending the tax relief given to those affected by Hurricane Katrina to the victims of subsequent storms, especially Hurricanes Rita, which devastated East Texas, and Wilma, which destroyed parts of Florida. As part of that effort, TSCPA leaders sent a letter to Texas’ congressional delegation in support of Senate Bill 2020, otherwise known as the Tax Relief Act of 2005, which would provide much-needed tax relief to affected Texans and Floridians.

Members of the TSCPA are not the only ones pushing for hurricane tax relief. Governor Jeb Bush of Florida, called the Florida Legislature back for a five-day special session beginning Monday, where lawmakers hope to enact a variety of measures giving financial relief to hurricane victims, according to the Orlando Sentinel.

“We have municipalities across South Florida that are really hurting,” House Democratic Leader Chris Smith, (D-Ft. Lauderdale) told the Sentinel. “They’re spending their reserves to clean up streets and doing things that, eventually, [the Federal Emergency Management Agency (FEMA)] will reimburse. But by the time FEMA helps, our cities will have trouble making payrolls and paying bills.”

On the other side of the aisle, State Representative Adam Hasner of Delray Beach, has sponsored two tax relief bills and tells the Sentinel “We should not be placing this additional tax burden on those who have already been hurt [by the hurricane].”

For more information about the federal tax relief currently available to taxpayers affected by Hurricanes Katrina, Rita and Wilma, see the “Help for Hurricane Victims” section of the Internal Revenue Service (IRS) web site.

You may like these other stories...

AgFeed agrees to pay $18 million to settle SEC accounting fraud caseMichael Rapoport of the Wall Street Journal reported on Monday that AgFeed Industries Inc. has agreed to pay $18 million to settle US Securities and...
Many accountants struggle with payroll, either because they have too much of it or they don't want to do any of it. Either way, they are at odds with the needs of their business clients. Most clients are looking for a...
Hertz and Icahn make peaceThere won’t be any nasty, protracted proxy battle between Hertz Global Holdings and activist investor Carl Icahn. The rental car chain agreed last Thursday to give Icahn – who has...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.