Tax Relief for California Earthquake Victims
NAPA, Calif. — Victims of the earthquake that occurred Aug. 24, 2014 in parts of California may qualify for tax relief from the Internal Revenue Service.
Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS announced today that affected taxpayers in California will receive tax relief.
The President has declared Napa and Solano counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.
The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 24, 2014 and on or before Jan. 15, 2015, have been postponed through Jan. 15, 2015. This includes corporations and businesses that previously obtained an extension until Sept. 15, 2014, to file their 2013 returns and individuals and businesses that received a similar extension until Oct. 15. It also includes the estimated tax payment for the third quarter of 2014, which would normally be due Sept. 15.
If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the […]