Fire Relief Info - Linkenheimer LLP CPAs & Advisors

California Tax Updates from 8/25

Update 1:

Employers in California counties plagued by wildfires get payroll tax relief. The CA Employment Development Dept. (EDD) has announced tax relief for employers in Trinity, Tehama and Shasta Counties, directly affected by the McFarland, Monument and Dixie Fires. Those employers may request up to a 60-day extension of time from the EDD to file their state payroll reports and deposit payroll taxes, without penalty or interest. A written request for an extension must be received within 60 days from the original delinquent date of the payment or return. Here’s more: https://bit.ly/389teWV

Update 2:

If you’re a California resident who owes estimated CA tax payments, your next payment due date is rolling up fast. By Sept. 15, the third installment of your 2021 state tax is due. Generally, you must make estimated payments if you expect to owe at least $500 for 2021, after you subtract withholding or credits you may have, or face penalties. […]

By Linkenheimer LLP|2021-08-25T20:12:59+00:00August 25th, 2021|CA tax, california, disaster, estimated tax payments, fire, Fire Relief Info|0 Comments

Affected by the Power Outages? Tax Relief May Be Available.

Some tax relief is available for California taxpayers affected by the frequent power shutoffs that plague the state. The CA Franchise Tax Board is advising taxpayers impacted by the safety-related power blackouts that began in October 2019 that they may be eligible for penalty relief if the penalties are due to the shutoffs. Taxpayers in impacted counties may request penalty abatement upon a showing of reasonable cause. For details, go to https://bit.ly/2PzCN9r and arrow down to “Extended deadlines.” If you have questions about how the shut offs may have affected you or your business with concerns related to tax payments or penalties, please contact your Linkenheimer CPA.

By Linkenheimer LLP|2020-09-03T20:03:29+00:00November 15th, 2019|business, ca, CA tax, california, Fire Relief Info, individuals, tax deadlines|0 Comments

FAQs Related to Disaster Recovery and the Fires

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 are not answered below, please feel free to contact us at Linkenheimer LLP. We will 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:

Can an employer make a payment to an employee for missed time because of the fire and have that payment excluded from the employee’s gross income? No, the payments would be considered taxable wages.

What information is needed to substantiate a casualty loss for income tax purposes? To substantiate your loss, you will 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 […]

By Linkenheimer LLP|2021-02-17T17:59:21+00:00November 8th, 2019|Fire Relief Info|0 Comments

Some California Employers in Sonoma and Los Angeles Counties Get Extra Time for Tax Responsibilities

Some California employers in Sonoma and Los Angeles Counties get extra time for tax responsibilities, says the CA Employment Development Dept. (EDD). Those employers who were directly affected by the Kincade and Tick fires, which began on Oct. 23, may request up to a 60-day extension of time from the EDD to file their state payroll reports and deposit payroll taxes without penalty or interest. To get an extension, a written request from the employer must be received within 60 days from the original delinquent date of the payment or return. Please contact your Linkenheimer CPA with questions or for more info: https://bit.ly/331PygJ

By Linkenheimer LLP|2020-09-03T20:03:31+00:00November 6th, 2019|business, california, employer, Fire Relief Info, relief, tax, tax deadlines|0 Comments

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 Linkenheimer LLP|2019-11-08T21:56:30+00:00July 12th, 2018|ca, extension, Fire Relief Info, tax|0 Comments