Taxes

Do You Qualify for Disaster Tax Relief?

Do You Qualify for Disaster Tax Relief?

Environmental disasters continue to occur, but previously only federally declared disasters would potentially result in IRS disaster relief. The Filing Relief for Natural Disasters Act (H.R. 517:PL 119-29) “FRNDA”, which became law July 24, 2025, provides additional ways for federal tax deadlines to be postponed following natural disasters. This law ensures faster, broader, and more predictable relief for individuals and businesses impacted by natural disasters, even when the Federal Emergency Management Agency (FEMA) has not issued a federal disaster declaration.

Key Tax Law Changes for Individuals and Businesses Under H.R. 1 also known as the One Big Beautiful Bill Act (OBBBA)

Key Tax Law Changes for Individuals and Businesses Under H.R. 1 also known as the One Big Beautiful Bill Act (OBBBA)

On July 4, 2025, H.R. 1 from the 119th Congress, also known as the One Big Beautiful Bill Act (OBBBA), was signed into law by President Trump. The OBBBA extends and enhances many of the tax breaks from the 2017 Tax Cuts and Jobs Act (TCJA). It also significantly changed aspects of the Inflation Reduction Act (IRA) of 2022, particularly in the area of clean energy tax credits and environmental programs. Most notably for homeowner, the 30% Energy Efficient Home Improvement and the 30% Residential Clean Energy Credits originally ending 2032 now ends in 2025.