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...
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...