Jan 15, 2025 | Property Tax
If your house was destroyed due to a calamity, you may be eligible for property tax relief under Revenue and Taxation Code section 170. Due to the extensive damage of the LA fires, we expect the Los Angeles Assessor’s office to automatically re-assess impacted...
Jan 12, 2025 | Disaster Relief, Filing Deadline, Franchise Tax Board, IRS
The IRS and California announced tax relief for people affected by the fires in Los Angeles. Who Qualifies? Households that live or have a business in Los Angeles County qualify for Federal Relief. Households that live or have a business in Los Angeles County and...
Dec 13, 2024 | Exclusion of Taxable Gain, PG&E Settlement
President Biden has signed HR 5863 which excludes the PG&E Fire Victims Trust payments from Federal income for most taxpayers. (Note: California already excluded the payments from income so this bill covers Federal taxes only). Key features of the law: If an...
May 24, 2024 | Disaster Relief, PG&E Settlement
Last year the House passed the Tax Relief for American Families and Workers Act which would have made Fire Victims Trust payments non-taxable at the Federal level, but that bill is stalled in Congress for political reasons. The House just passed another bill focused...
Jan 16, 2024 | Casualty Gain, Exclusion of Taxable Gain, Federal Disaster Declaration, PG&E Settlement
Congress has announced it has reached a budget deal that includes Federal tax relief for individuals who received settlement income related to wildfires. As of this writing, the bill has not passed yet, but assuming it does, The Tax Relief for American Families and...