Jan 25, 2022 | PG&E Settlement
We previously discussed the taxability of the PG&E settlements that many fire victims are receiving (See, Is My PG&E Settlement Taxable? from August 3, 2021). We received a few questions recently: Q1: I received a payment of 30% of the total award that is due...
Nov 23, 2021 | Filing Deadline, Franchise Tax Board, IRS
The IRS recently announced (IR-2021-224) that individuals and businesses in Lassen, Nevada, Placer, Plumas, Tehama, and Trinity counties have until January 3, 2022 to file and pay any taxes that were originally due between July 14, 2021 and January 3, 2022. This...
Sep 17, 2021 | Federal Disaster Declaration
The California wildfires beginning July 14, 2021 (4610-DR-CA) and the Caldor fire (4619-DR-CA) have been named presidentially declared disasters. This declaration provides additional assistance and tax relief to taxpayers with a home or business in this area. The IRS...
Aug 3, 2021 | PG&E Settlement
If you are receiving money from the PG&E fire settlement the award may be taxable to you. In general, all income is considered taxable unless Congress says it is not (IRC 61). So, when we look at your PG&E settlement offer, we start with the presumption that...
Aug 3, 2021 | CDTFA, EDD, Franchise Tax Board
The Governor of California has declared the Dixie, Fly, Tamarack, Lava, and Beckwourth Complex Fires as state disasters. This impacts Alpine, Butte, Lassen, Plumas, and Siskiyou counties. When a state disaster is declared, it provides a number of tax relief provisions...