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Victims of the Pawnee Fire in Lake County Get Tax Relief

Victims of a California wildfire, dubbed the Pawnee Fire in Lake County, get tax relief from the CA Employment Development Dept. (EDD). Employers directly affected by the fire (which started on 6/23/18) may request a 60-day extension to accomplish some tax-related tasks. The tasks include filing state payroll reports and paying state payroll taxes. No penalty or interest will be charged to employers that are granted extra time. A written request for an extension must be received by EDD within 60 days from the original delinquent date for payments and returns.

By |July 12th, 2018|ca, extension, tax|0 Comments

Reminder: Property Tax Relief Available for Those Impacted by Fires

If your property has been damaged by the recent fires, mudslides, erosion, and flash flooding you may be eligible for property tax relief. In many cases, the damaged property can be reappraised in its current condition, with some taxes refunded to the property owner. Once rebuilt, the property’s pre-damaged value will be restored.

To qualify for property tax relief, you must file a claim with your county assessors’ office within 12 months from the date of damage or destruction. The loss estimate must be at least $10,000 of current market value to qualify.

Owners of eligible property may also apply for deferral of the next property tax installment on the regular secured roll or tax payments on the supplemental roll, without penalties or interest. The disaster must be the result of a Governor-proclaimed state of emergency. When a timely claim for deferral is filed, the next property tax installment payment is deferred without penalty or interest until the county assessor has reassessed the property and a corrected tax bill has been sent to the property owner.
For further information on property tax disaster relief, please see the new Disaster Relief website with helpful […]

By |February 1st, 2018|disaster, property tax|0 Comments

Loss of Income Due to Business Interruption

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The North Bay fires have caused unprecedented losses and hardship for so many fellow Sonoma County residents and business owners. While the first priority is to access physical damages and rebuild, there is an element of the overall loses that can be overlooked: Loss of Income due to business interruption. This is defined as “A type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.

At Linkenheimer LLP, we have many years experience in assessing circumstances that have resulted in a Loss of Income. Our expertise in this area encompass: research, analysis, report writing, and when needed, testimony to support the positions taken.

If you or anyone you know who has been affected by the fires, and have experienced a Loss of Income, please contact Linkenheimer and we will be glad to meet to discuss the situation.

Written by Steve Miksis, CPA.

By |December 1st, 2017|casualty loss, disaster, income tax|0 Comments

FAQs Related to Disaster Recovery and the Fires

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Our CPA’s have compiled a list of 25 frequently asked questions related to fire victims and the recovery process. This document will continue to be updated over time as new questions roll in. If you have any additional questions in the meantime that aren’t answered below, please feel free to contact us at Linkenheimer LLP. We’ll continue to work side by side with all of you during this rebuilding process as we put our great community back together.

Frequently asked questions related to disaster relief for this affected by the fires: 

  1. Can an employer make a payment to an employee for missed time as a result of the fire and have that payment excluded from the employees gross income? No, the payments would be considered taxable wages.
  1. What information is needed to substantiate a casualty loss? To substantiate your loss, you’ll need the following, the type of casualty and date it occurred, proof that you were the owner of the property, or if you were a lessee, that you were contractually liable for the damage, whether a claim for reimbursement exists for which there is a reasonable expectation of recovery and documented […]
By |November 8th, 2017|Community, disaster, question, relief|0 Comments

Tax Relief for Victims of California Wildfires

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As the local fires near containment and our community looks to band together in the rebuilding process, we wanted to send out a brief update the IRS released today providing an overview of the tax relief and extensions they are offering. We will continue to put out pertinent information as it becomes available. Over the next 24 hours, we will also provide a detailed guide related to tax relief for victims of the fires. If you have any questions, please feel free to call or email your Linkenheimer CPA.

The IRS has provided tax relief for the victims of wildfires affecting parts of California. Currently, the IRS is providing relief to seven California counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma, and Yuba. The tax relief postpones various tax filing and payment deadlines that occur starting on 10/8/17. Affected individuals and businesses now have until 1/31/18 to file returns and pay any taxes that are originally due during the relief period. This includes quarterly estimated tax payments, extended 2016 income tax returns, and quarterly payroll and excise tax returns. The IRS noted that tax payments related to 2016 individual tax returns were originally due […]

By |October 18th, 2017|Community, disaster, irs, relief|0 Comments

Fire Recovery Business Resources and Comprehensive List of Links for Those Needing Help

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With the fires still burning and information scattered in various spots, we wanted to try and provide our clients, friends and family a comprehensive list of resources that can be shared and referenced easily. Our thoughts and prayers are with all of you affected by this horrible disaster. We will continue to post new info as we get it and if you have any questions, feel free to contact us. Stay Safe.

Staying up to date or needing help:

For life-threatening emergencies, dial 911.

The County of Sonoma has county-wide information including shelters, evacuation areas and clinics.

The City of Santa Rosa has information specific to the Santa Rosa area including shelters and evacuation areas.

Please refer to local media such as KSRO.com (1350-AM or 103.5-FM), KZST.com (101.1-FM) or PressDemocrat.com.

Nixle keeps you up-to-date with relevant information from your local public safety departments. Sonoma County Sheriffs Office updates. Santa Rosa Police Department updates. To receive text updates and alerts, text your ZIP code […]

By |October 13th, 2017|Community, disaster, relief|0 Comments

IRS Gives Tax Relief to Victims of California Wildfires; Extension Filers Have Until Jan. 31 to File

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The following information is from the IRS:

Victims of wildfires ravaging parts of California now have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

This includes an additional filing extension for taxpayers with valid extensions that run out this coming Monday, Oct. 16.

Currently, the IRS is providing relief to seven California counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma and Yuba. Individuals and businesses in these localities, as well as firefighters and relief workers who live elsewhere, qualify for the extension. The agency will continue to closely monitor this disaster and may provide other relief to these and other affected localities.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Oct. 8, 2017. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes originally due during this period.

This includes the Jan. 16, 2018 deadline for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017. The IRS noted, however, that […]

By |October 13th, 2017|Community, disaster, irs, relief|0 Comments