The California Franchise Tax Board (FTB) recently announced that tax relief may be available to certain California taxpayers impacted by the recent wildfires, floods, and mudslides. Specifically, the deadlines for individual income tax returns normally due on April 17, 2018, and quarterly estimated tax payments normally due on January 16, 2018, have been extended to April 30, 2018. More information on how to claim a disaster loss with the FTB is available here.
The Internal Revenue Service (IRS) recently announced that taxpayers who reside or have a business in the California counties that were affected by the recent wildfires, flooding, mudflows, and debris flows may qualify for federal tax relief. Certain deadlines may be extended and penalties may be abated for taxpayers located in the covered disaster area. Taxpayers located outside the disaster area, but whose records necessary to meet a federal tax deadline are in the covered area, may also qualify for relief. For more information, click here.
California counties will not automatically reassess homes due to the recent fires, because the law requires that the counties first receive an application from the homeowner. Those who lost property will need to file the appropriate county casualty abatement form for the 2016-2017 year.