On Monday, July 23rd, the team from Linkenheimer, along with significant others met up after work at the Redwood Empire Food Bank to lend a helping hand. Summer months are always tough for REFB in terms of finding volunteers, so we were excited to be able to participate and assist a great local non-profit that has been serving Sonoma County for over a decade, providing meals to elderly, children and those in need. Over the course of our two hours there, we formed an assembly line to put together over 300 boxes of food for the elderly in our community, weighing in at over 7,000lb of food staples and drinks. Local charities like these are what makes Sonoma County such a great place to live and do business in and we are proud to support them.
We’ve had a number of clients ask us questions since the wildfires on tree loss and what that means in terms of determining a casualty loss on property. Below is an FAQ from the IRS which should hopefully provide some good information. If you have any questions, feel free to ask your Linkenheimer CPA.
Q: How does a taxpayer determine a casualty loss from damaged trees and other landscaping on personal-use residential property when that loss is attributable to a disaster?
A: In determining the amount of a casualty loss from damage to personal-use residential property, trees and other landscaping are considered part of the entire residential property, and are not valued separately or assigned a separate basis, even if purchased separately.
To compute your casualty loss:
Determine your adjusted basis in the entire residential property before the casualty. Your basis is generally the cost of the property, adjusted for improvements and certain other events. For more information on determining your adjusted basis, see Publication 530, Tax information for First-Time Homeowners, and Publication 551, Basis of Assets
Determine the decrease in fair market value of the entire residential property as a result of the casualty.
From the smaller of these […]
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.
For all those who were displaced by the wild fires in Sonoma County, below is a list of Property Management Companies and Apartment Complexes:
PROPERTY MANAGEMENT COMPANIES – Sonoma County
Westgate Property Management – 707-769-9590
Mahoney Davison Property Management – 707-762-7710
Century 21 Bundesen Property Management – 762-7777
North Bay Property Management – 707-303-3748
DeDe’s Rentals – 707-523-4500
Pacific Properties – 707-206-6645
Hills & Homes – 707-585-2913
Sonoma County Property Rentals – 707-596-1020
Kelley Rentals – 707-824-2222
Alliance Property Management – 707-524-8380
Timely Property Management – 707-588-9200
Baker & Associates – 707-542-4700
Kelley Rentals – 707-824-2222
Task Property Management – 707-579-2013
W Property Management – 707-545-6187
Rental Property Management – 707-843-3696
Safer Property Management – 707-978-4303
Copeland Creek – 707-586-9741
Creekview Place Apartments – 707-664-8986
Fiori Estate Apartments – 844-404-4061
Oak View of Sonoma Hills (Senior) – 888-321-0662
Park Ridge Apartments – 707-400-6865
Americana Apartments – 707-584-3522
Vintage Point Apartments – 707-664-8028
Dalewood Apartments – 707-664-8432
Edgewood Apartements – 707-585-2241
Santa Alicia Apartments – 707-795-1465
Willow Creek Apartments – 707-739-4189
The Reserve at Rohnert […]
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 […]
Linkenheimer has been an active part of our Sonoma County community for over 85 years. And like most of you, we have all been profoundly affected by these horrific fires that have swept through our community and continue to affect those that live here. We have lost houses and entire neighborhoods, friends and families have been displaced and like many of you, we are still reeling from the ongoing damage the fires have created. We want to express our utmost condolences to all of our friends, families and clients who have lost something in this disaster. And we want you to know, we will be working side by side with you all during this difficult time to rebuild our community. With power, utilities and cell phone coverage being scarce, we want to try and provide as much information as we can in one post, so that it can be shared effectively with those desperately in need of information and reassurance.
As some of you know, the October 15th tax deadline is near. We have spoken with the IRS regarding extension relief for our clients. Due to our office being located […]
On Monday November 10, 2014, Linkenheimer LLP employees and partners spent part of their evening helping prepare food packages for seniors. Prior to the ‘assembly line’ effort, we were given a tour of the food bank’s beautiful facilities, and information on the needs of Sonoma County residents and what the food bank provides. Being the accountants that we are, numbers are always welcome, but in this case, the numbers were both astonishing and sobering.
- 82,000 people (1 in 6 people in Sonoma County) face the threat of hunger every month, and this is the number served by the food bank, every month.
- Of the 82,000 people: 36,200 are children, 11,800 are seniors, and 13,500 are working families.
- The Redwood Empire Food Bank is in the top 6% of food banks nationwide in the amount of food provided per person in poverty.
- During 2014, the food bank distributed 14.5 million pounds of food, which is the equivalent of over 33,000 meals a day, and provided food for two wholesome meals for every $1 spent.
These figures are hard to comprehend when you think of Sonoma County and all of the beauty that surrounds us; but, hunger has no boundaries, and it crosses the full spectrum of […]