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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 […]

Extended Deadline to Provide Small Employer QSEHRA Notice to Employees

The IRS has extended the period to provide an initial written notice to eligible employees regarding a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) under IRC Sec. 9831(d). A QSEHRA is similar to a regular health reimbursement arrangement, but must meet other requirements and is exempt from the market reform penalty. QSEHRAs are available to employers with less than 50 full-time equivalent employees that don’t offer group health plans and can be used to reimburse an employee’s individual health insurance premiums as well as other medical expenses. Although the employer must furnish a written notice to its eligible employees at least 90 days before the beginning of a year for which the QSEHRA is provided, the IRS announced that initial notices aren’t required any earlier than 90 days following the issuance of further guidance from the IRS.

If you have any questions, please contact your Linkenheimer LLP CPA.