Jan 22, 2025 | Casualty Gain, Exclusion of Taxable Gain, Federal Disaster Declaration, Insurance
If this is your first year preparing returns for clients with casualty gain/loss, you may be a bit overwhelmed (I know we certainly were in 2017 in the North Bay when we had thousands of clients lose their homes). We put together this guide to help you navigate the...
Jan 20, 2025 | CDTFA, Disaster Relief, Sales Tax
Many taxpayers who live and work in Los Angeles or Ventura County now have until April 30, 2025 to file their CDTFA tax returns and make payments. This relief is available for most of the CDTFA administered programs including sales tax, use tax, lumber fees, Hazardous...
Jan 16, 2025 | Exclusion of Taxable Gain, Insurance
The answer to this and most tax questions is: It depends. There is a potential for the insurance payments to be taxable and it depends on the facts and circumstances of each case. Casualty Loss: If a Home Owner was uninsured (or under-insured) and lost their house,...
Jan 15, 2025 | Disaster Relief, Property Tax
UPDATE on 1/16/2025 for some zip codes – Governor Newsom issued an executive order which allows property owners in a select set of zip codes to postpone payment of their property taxes until April 10, 2026 without incurring any penalties. The zip codes covered...
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...