disaster

Disaster Relief Continues for Certain Californians

Disaster relief continues for certain Californians. The CA Franchise Tax Board has updated its Disaster Loss webpage, for victims of storms and fires that plagued the state in recent months. The updated list now includes many CA counties that suffered storm damage in 2019, and several counties which suffered wildfires in late 2018. Taxpayers directly affected by federally declared disasters may be eligible for tax relief, including extensions of time to file and pay taxes until 4/30/19. If you have questions, please contact your Linkenheimer CPA. Here’s the full list and more information: https://bit.ly/298JVSt 

By |April 11th, 2019|disaster, tax, tax planning|0 Comments

Best Practices When Filing a Business Interruption Claim

Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy, which may cover certain repairs of damaged property, this coverage generally provides the cash flow to cover revenues lost and expenses incurred while normal operations are suspended because of an applicable event.

But be warned: Business interruption insurance is arguably among the most complicated types of coverage on the market today. Submitting a claim can be time-consuming and requires careful preparation. Here are some best practices to keep in mind:

Notify your insurer immediately. Contact your insurance rep by phone as soon as possible to describe the damage. If your policy has been water-damaged or destroyed, ask him or her to send you a copy.

Review your policy. Read your policy in its entirety to determine how to best present your claim. It’s important to understand the policy’s limits and deductibles before spending time documenting losses that may not be covered.

Practice careful recordkeeping. Maintain accurate records to support your claim. Reorganize your bookkeeping to segregate costs related to the business interruption and keep supporting invoices. Among the necessary documents are:

  • Predisaster financial statements and income tax […]
By |February 14th, 2019|business, disaster|0 Comments

California Tax News Related to Wildfires

Tax relief is available for California employers in counties hit by recent wildfires. The CA Employment Development Dept. (EDD) has announced that employers in Butte, Los Angeles and Ventura counties directly affected by the Camp, Hill and Woolsey fires may request up to a 60-day extension of time from the EDD to file their state payroll reports and deposit state payroll taxes without penalty or interest. Written extension requests must be received within 60 days from the original delinquent date of the payment or return.

Due to a presidential disaster declaration, some victims of California’s recent wildfires may qualify for federal Disaster Unemployment Assistance (DUA). DUA provides temporary unemployment assistance to eligible individuals whose work or self-employment has been interrupted due to a major disaster and who also meet certain other conditions. This applies to losses in CA from the Camp, Hill, and Woolsey fires. Eligible persons may receive up to $450 per week for up to 27 weeks. The deadline to file is 12/14/18. If you have any questions, please contact your Linkenheimer CPA. For more info […]

By |November 21st, 2018|CA tax, california, disaster|0 Comments

Some California Taxpayers are Receiving Erroneous Late Notices

Some California taxpayers are receiving erroneous late notices. Taxpayers who reside in federally declared disaster areas have been granted extra time to accomplish state tax-related tasks, such as filing tax returns and paying taxes due. The CA Franchise Tax Board (FTB) has reported that, due to a systemic issue, some taxpayers who qualify for this relief have received notices assessing late-filing penalties. While the FTB works to update its system and address this issue, taxpayers can contact the FTB on its homepage and click live chat: https://bit.ly/2MG3HMz

If you have questions, you can also contact your Linkenheimer CPA.

By |October 2nd, 2018|disaster, ftb, irs, tax|0 Comments

FTB Issuing Late Filing Penalties, Despite Extension Due to Fires

We have had clients receive  FTB notices with a much larger late filing penalty than it should be, despite being extended due to the fires. We spoke to the FTB, and they said that their system is not picking up the zip codes,  and therefore notices are being issued with the late filing penalty. They suggest calling in and the account will be flagged to auto adjust once they fix their system (IT is updating their coding) but temporarily they are placing holds on those accounts after you call in.  Please be aware of this and contact your Linkenheimer CPA if you get a notice and don’t just pay it, as this may complicate the adjustment process. We will keep you updated and let you know once the FTB has resolved the issue. In the meantime, if you have any questions, please contact us.

By |March 14th, 2018|california, disaster, ftb|0 Comments

Disaster Relief Provisions in the Bipartisan Budget Act of 2018

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On February 9, Congress passed, and the President signed into law, H.R. 1892, the “Bipartisan Budget Act of 2018” (the Budget Act, P.L. 115-123). In addition to providing a continuing resolution to fund the federal government through March 23, this 2-year budget contains a host of tax law changes. The Act retroactively extends through 2017 over 30 so called “extender” provisions, provides a number of miscellaneous tax-related provisions, and includes tax relief to victims of the California wildfires and Hurricanes Harvey, Irma, and Maria.

Relief from early withdrawal tax for California wildfire distribution. A distribution from a qualified retirement plan, a tax-sheltered annuity plan, an eligible deferred compensation plan of a State or local government employer, or an individual retirement arrangement (IRA) generally is included in income for the year distributed. In addition, unless an exception applies, a distribution received before age 59½ is subject to a 10% additional tax under Code Sec. 72(t) (the “early withdrawal tax”) on the amount includible in income.

In general, a distribution from an eligible retirement plan may be rolled over to another eligible retirement plan within 60 days, in which case the amount rolled over generally is not includible in income. The 60-day requirement can be waived by IRS in […]

By |February 16th, 2018|disaster, New Tax Laws, relief|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

Rental Resources and List of Utilities

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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

APARTMENT COMPLEXES

Rohnert Park
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 […]

By |November 8th, 2017|Community, disaster, relief|0 Comments