Info Sessions to Address Taxes on East Palestine Payments
YOUNGSTOWN, Ohio – The Youngstown/Warren Regional Chamber, HD Growth Partners and Norfolk Southern have teamed up to host a series of tax information sessions to educate the community on the tax treatment of financial assistance from Norfolk Southern.
The sessions will provide information on local, state and federal tax law, as well as information on the accounting of payments received following the Feb. 3, 2023, train derailment in the village.
Of the more than $104 million Norfolk Southern has committed and invested in the communities affected by the derailment, more than $21 million of those funds went directly to more than 4,500 households as reimbursements and support.
While the tax laws regarding those payments are being addressed in the U.S. Congress, under current tax law, those payments may be taxable. 1099 MISC forms have been issued as required by law, and families who receive those forms should pay attention to the legislation before filing their tax returns, a news release states.
“Businesses throughout the region care about the impact on their employees, their employees’ families and everyone else in the community, so we want to make sure we get the word out,” said Guy Coviello, president and CEO of the Regional Chamber. “Filing tax returns correctly is important, and many residents who received assistance are likely to have some changes to how they regularly complete their returns. The filing deadline isn’t until April, and we’re glad to be able to help connect residents to these resources.”
The Tax Relief for American Workers and Families Act of 2024 has tax changes that would be applied retroactively to the beginning of 2023, if passed. In January, the bipartisan bill passed the U.S. House of Representatives by a vote of 357-70, and the legislation is now awaiting consideration in the U.S. Senate. The deadline to file taxes is April 15, and the information sessions will discuss the considerations of filing now or waiting until closer to the deadline.
“We were a very consistent voice in helping our community during all of the legislation surrounding Covid, and we’ve established a reputation as the firm that’s not shy about rolling up our sleeves and helping out however our community needs us,” said Tim Petrey, CEO of HD Growth Partners. “We all have friends and colleagues that have been impacted by this, and we want to be here to help support these families however we can.”
Sessions will be held at the American Legion Post 31, 140 N. Walnut St., East Palestine, from 10 a.m. to noon Feb. 17, 1 to 3 p.m. Feb. 21 and 5:30 to 7:30 p.m. Feb. 22. A session will also be held at the Darlington Township Municipal Building, 3590 Darlington Road, Darlington, Pa., from 5:30 to 7:30 p.m. Feb. 19.
Published by The Business Journal, Youngstown, Ohio.
