IRS Announces Tax Relief for California Wildfire Victims

Filed in Business Management, Disaster Response by on October 16, 2017 0 Comments

As rampant wildfires continue to batter California, the IRS is providing much-needed tax relief for individuals and businesses in the affected areas. For those who qualify, the recently announced tax relief:

  • Postpones certain filing deadlines.
  • Allows taxpayers to claim casualty losses on their federal income tax return for 2017 or 2016.
  • Provides penalty relief to certain taxpayers who file late.

In addition to this regulatory relief, on Oct. 12 the House passed its second disaster relief package in just over a month. But unlike the prior bill that was signed into law, this measure includes a focus on the wildfires in the West.

The bill (H.Res. 569) appropriates $36.5 billion for relief efforts, $577 million of which would go to the departments of Agriculture and Interior to combat and prevent further wildfires.

Even though the IRS automatically identifies qualifying taxpayers based on location, the taxpayer should still call the disaster hotline at 866-562-5227 to request this tax relief.

Additional details about the tax relief can be found here.

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