sonoma county - Linkenheimer LLP CPAs & Advisors

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

California Grants Disaster Relief to Certain Employers

California grants disaster relief to certain employers. The CA Employment Development Dept. is giving affected employers extra time to file state payroll reports and to deposit state payroll taxes without penalty or interest. This applies to employers in Amador, Glenn, Lake, Mendocino and Sonoma Counties who were directly affected by storms that began on 2/25/19. These employers may request a 60-day extension of time to accomplish these tasks. Requests must be received within 60 days of the original payment or return due dates. If you have questions about this or other filing deadlines, please contact your Linkenheimer CPA. For details: https://bit.ly/2LyrD38

By Linkenheimer LLP|2020-09-03T20:04:12+00:00March 13th, 2019|business, california, employer, extension|0 Comments

The Linkenheimer Team Helps Out at Redwood Empire Food Bank

On Monday, July 23rd, the team from Linkenheimer, along with significant others met up after work at the Redwood Empire Food Bank to lend a helping hand. Summer months are always tough for REFB in terms of finding volunteers, so we were excited to be able to participate and assist a great local non-profit that has been serving Sonoma County for over a decade, providing meals to elderly, children and those in need. Over the course of our two hours there, we formed an assembly line to put together over 300 boxes of food for the elderly in our community, weighing in at over 7,000lb of food staples and drinks. Local charities like these are what makes Sonoma County such a great place to live and do business in and we are proud to support them.

By Linkenheimer LLP|2020-09-03T20:04:31+00:00July 27th, 2018|charity|0 Comments

IRS FAQ on Casualty Tree Loss

We’ve had a number of clients ask us questions since the wildfires on tree loss and what that means in terms of determining a casualty loss on property. Below is an FAQ from the IRS which should hopefully provide some good information. If you have any questions, feel free to ask your Linkenheimer CPA.

Q: How does a taxpayer determine a casualty loss from damaged trees and other landscaping on personal-use residential property when that loss is attributable to a disaster?

A: In determining the amount of a casualty loss from damage to personal-use residential property, trees and other landscaping are considered part of the entire residential property, and are not valued separately or assigned a separate basis, even if purchased separately.

To compute your casualty loss:

Determine your adjusted basis in the entire residential property before the casualty. Your basis is generally the cost of the property, adjusted for improvements and certain other events. For more information on determining your adjusted basis, see Publication 530, Tax information for First-Time Homeowners, and Publication 551, Basis of Assets

Determine the decrease in fair market value of the entire residential property as a result of the casualty.

From the smaller of these […]

By Linkenheimer LLP|2020-09-03T20:04:48+00:00December 7th, 2017|casualty loss, Community, irs|0 Comments

Loss of Income Due to Business Interruption

The North Bay fires have caused unprecedented losses and hardship for so many fellow Sonoma County residents and business owners. While the priority is to assess physical damages and rebuild, there is an element of the overall losses 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 of 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 […]

By Linkenheimer LLP|2021-02-17T18:11:03+00:00December 1st, 2017|casualty loss, disaster, income tax|0 Comments