Fire Relief Info - Linkenheimer LLP CPAs & Advisors

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 Linkenheimer LLP|2020-09-03T20:04:42+00:00March 14th, 2018|california, disaster, Fire Relief Info, ftb|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 Linkenheimer LLP|2020-09-03T20:04:43+00:00February 1st, 2018|disaster, Fire Relief Info, property tax|0 Comments

Payments to Employees Affected by the Local Fires

During these tragic times businesses may want to help employees affected by the local fires. The purpose of the following information is to highlight some tax efficient opportunities to help employees affected by the local fires which were declared a qualified disaster by President Trump. IRC section 139 allow employers to provide qualified disaster relief payments to employees that have incurred unreimbursed expenses due to a qualified disaster (such as the local fires) and have those payments excluded from the employees gross income and included as deductible expense for the business making the payment. For the payments to be considered qualified disaster relief payments, they should be for either items i. or ii. below, but only to the extent not already covered by insurance.

Reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a disaster. This would include expenses related to loss of use.
Reasonable and necessary expenses incurred for the repair or rehabilitation of a personal residence or repair or replacement of its contents to the extent that the need for such repair, rehabilitation, or replacement is attributable to a qualified disaster.

Other items to point out:

To […]

By Linkenheimer LLP|2020-09-03T20:04:51+00:00October 19th, 2017|business, Community, disaster, Fire Relief Info, relief, tax|0 Comments

Tax Relief for Victims of California Wildfires

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 Linkenheimer LLP|2020-09-03T20:04:51+00:00October 18th, 2017|Community, disaster, Fire Relief Info, irs, relief|0 Comments

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

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.

By Linkenheimer LLP|2020-09-03T20:04:52+00:00October 13th, 2017|Community, disaster, Fire Relief Info, relief|0 Comments