Apr 5, 2022 | PG&E Settlement
On March 30, 2022, bipartisan legislation was introduced to make the PG&E payments non-taxable at the Federal level. This bill was just introduced and has a LONG way to go to get approved. Here is the Press Release from Mike Thompson’s office (CA-05). There...
Feb 15, 2022 | 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. AB1249 passed the assembly last week and is going to the State Senate for...
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...
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...