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Prayers to those impacted by the California wildfires.....Disaster Assistance and Emergency Relief for Individuals and Businesses

Overview

Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes. Both individuals and businesses in a federally declared disaster area can get a faster refund by claiming losses related to the disaster on the tax return for the previous year, usually by filing an amended return.

The IRS also offers audio presentations on Planning for Disaster. These presentations discuss business continuity planning, insurance coverage, recording keeping and other tips to stay in business after a major disaster.

Click here for more information:

https://www.irs.gov/businesses/small-businesses-self-employed/disaster-assistance-and-emergency-relief-for-individuals-and-businesses

California Disaster Information 

Taxpayers may deduct a disaster loss for any loss sustained in California that is proclaimed by the Governor to be in a state of emergency.

California law generally follows federal law regarding the treatment of losses incurred as a result of a casualty or a disaster.


Click here for more information:

https://www.ftb.ca.gov/individuals/disaster.shtml?WT.mc_id=Warning_wildfire_2018

steve@stevesimsea.com


GeneralSteve Sims#irs