In light of the catastrophic wildfires that have devastated many parts of Los Angeles County, federal, state, and local tax authorities have implemented tax relief measures to assist individuals and businesses affected by the disaster. These measures include extended deadlines for filing and paying taxes, providing much-needed financial breathing room during this challenging time.
At Silvers Financial Services, we want to help guide you through the available tax relief options, ensuring that you can take full advantage of these extensions without any added stress.
IRS Federal Tax Relief – Deadline Extensions for Los Angeles County
For individuals and businesses whose permanent address of record is in Los Angeles County, the IRS has automatically granted an extension for filing and paying taxes. This includes everyone within the county, whether or not they were directly affected by the fires. The IRS has suspended penalties and interest on late payments during this time.
Extended Filing Deadline: Taxpayers now have until October 15, 2025 to file their tax returns.
Quarterly Payments: Deadlines for quarterly income tax payments (originally due January 15, April 15, June 15, and September 15) have also been extended to October 15, 2024.
For businesses, this relief extends to annual returns and payments, as well as quarterly payroll and excise tax returns. Businesses are not subject to penalties or interest during this extension period.
California State Tax Relief from the Franchise Tax Board
In addition to federal relief, the California Franchise Tax Board has also extended tax deadlines for those in Los Angeles County. Similar to the IRS, affected taxpayers will have until October 15, 2025 to file their state tax returns and make payments.
No action is required from taxpayers to receive this relief; it will automatically be applied to all eligible individuals and businesses within the county.
Property Tax Relief from the Los Angeles County Assessor
For property owners, the Los Angeles County Assessor's Office is offering property tax relief for those whose properties have been damaged or destroyed in the wildfires. If the value of your property has decreased as a result of fire damage, you may be eligible to file for a Decline-in-Value Review. This application period runs from July 2 through November 30.
How Silvers Financial Services Can Help
At Silvers Financial Services, we understand that tax season can be a stressful time, and even more so when natural disasters like these strike. With the extended deadlines and relief options now in place, we’re here to help you navigate these changes to ensure that your tax filing is completed smoothly and efficiently.
Our team of experienced accountants is available to assist with tax filings, ensure you’re taking advantage of every available relief program, and guide you through any additional steps needed to secure your financial well-being during this time.
If you need assistance or have questions about how the tax relief measures apply to you, contact Silvers Financial Services today. We're here to provide expert advice and the support you need to make the most of these extensions.
Additional Resources:
IRS Disaster Assistance Page for updates and resources: Click Here
IRS Toll-Free Disaster Assistance Hotline: 866-562-5227
California Franchise Tax Board Relief Page: Click Here
Stay safe, and let Silvers Financial Services help you manage the financial side of recovery.
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