When all is said and done, Hurricane Sandy will probably weigh in as the second most costly storm in U.S. history. As the Northeast slowly struggles to return to normal, relief and recovery efforts will yield to getting back to business. Employers in affected areas have questions about what they can do to make their employees’ lives easier in Sandy’s aftermath. For example:
• Are employees allowed to take hardship withdrawals or plan loans to pay for repairs?
• Do disaster relief payments to employees have to be included in their taxable income?
• What are the IRS rules on leave sharing and leave donation after a disaster?
• Have the IRS or DOL issued any extensions of filing or other deadlines?
Click here to read Buck Consultants’ roundup of HR- and benefits-related issues facing employers affected by Sandy — including answers to these questions and more. If you have clients in the affected areas, this will help you help them.
