Feb 24, 2023 | Disaster Relief
For Federal Income Tax Returns The IRS announced that taxpayers who live in counties designated by FEMA as disaster areas because of the January 2023 storms now have more time to file and pay their Federal Income Tax Returns. As of the date of this writing eligible...
Jan 21, 2023 | Disaster Relief
The IRS has announced that due to the winter storms, most individuals in California will have more time to file and pay. California conforms to this postponement. WHO CAN GET RELIEF If you live or work in the disaster area you are eligible for this tax relief, you do...
Sep 1, 2022 | PG&E Settlement
Good news for California residents who have received settlements from the PG&E Fire Victims Trust (FVT) or the Southern California Edison Settlement. Last night, both houses of the California legislature passed AB1249 and SB1246 and the Governor is expected to...
Jul 11, 2022 | Casualty Gain, PG&E Settlement
On June 28th, the Commissioner of the IRS responded to a request by Congressman Mike Thompson and Congressman Doug LaMalfa requesting guidance on the taxability of the settlement funds received from the Fire Victims Trust (FVT). The IRS letter echoed articles you have...
Jun 22, 2022 | Exclusion of Taxable Gain, PG&E Settlement
As we’ve discussed in earlier posts on this site, for most taxpayers, the settlements from PG&E will be partially or fully taxable. However, relief from California tax may be coming via AB1249. What is AB1249? AB1249 would exclude the PG&E settlement...