Four sessions, sponsored by Norfolk Southern, will provide important information on how to treat payments on 2023 taxes
YOUNGSTOWN, February 15, 2024 --The Youngstown/Warren Regional Chamber, Norfolk Southern and HD Growth Partners 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 to individuals. The sessions will provide information on local, state and federal tax law, as well as information on the accounting of payments received.
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 currently being addressed in Congress, under current tax law, those payments may be taxable. 1099 MISC forms have been issued as required by law, and families in receipt of those forms should be paying close attention to this legislation before filing their tax returns.
“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. 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.” – Guy Coviello, CEO, Youngstown/Warren Regional Chamber.
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 Monday, April 15, and these sessions will discuss the considerations of filing now or waiting to 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. 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." - Tim Petrey, CEO, HD Growth Partners.
The dates and locations of our tax information sessions are as follows:
American Legion Post 31 - 140 N Walnut St. East Palestine, OH 44413
Saturday, February 17th - 10:00 AM - 12:00 PM
Wednesday, February 21st - 1:00 PM - 3:00 PM
Thursday, February 22nd - 5:30 PM - 7:30 PM
Darlington Township Municipal Building – 3590 Darlington Rd. Darlington, PA 16115
Monday, February 19th – 5:30 PM – 7:30 PM
About the Youngstown/Warren Regional Chamber
The Youngstown/Warren Regional Chamber (Regional Chamber) is a private, non-profit organization that provides leadership and business services to promote the growth of our 2,900 members—representing more than 150,000 employees in the Valley. Membership with the Regional Chamber provides exclusive member perks like cost-saving discount programs and services that help businesses maximize their bottom line. In addition, the Chamber advocates on behalf of its members to contain the cost of doing business, improve the overall business climate and advise policymakers on the impact laws and regulations have on the Valley’s economy. The Regional Chamber also supports local expansion, attraction of new investment and job creation in the two-county area by providing services such as site selection, customized research and program coordination. For more information, visit regionalchamber.com.