The earthquake and tsunami that occurred in Japan in March were catastrophic. The IRS determined that these events are a qualified disaster for purposes of the federal tax law. This means that qualified disaster relief payments made by an employer-sponsored private foundation to employees and their family members in areas affected by the earthquake and tsunami in Japan can be excluded from income on their tax returns. Also, this guidance allows employer-sponsored private foundations to assist employee victims without affecting their tax-exempt status. These payments generally include amounts to cover necessary personal, family, living or funeral expenses that were not covered by insurance. They also include expenses to repair or rehabilitate personal residences or repair/replace the contents to the extent that they were not covered by insurance.
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