IRS – Tax Relief for Victims of Valley and Butte Fires

Posted on September 25, 2015 · Posted in Breaking News, Industry News, Latest Updates

9/25/15 – Victims of the Valley and Butte fires that took place beginning on September 12, 2015 in parts of California may qualify for tax relief from the Internal Revenue Service.

Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS has announced that affected taxpayers in California will receive tax relief.

The President has declared Lake and Calaveras counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Sept. 12, and on or before January 15, 2016 have been postponed to January 15, 2016. This includes the Sept. 15 estimated tax deadline, the 2014 corporate and partnership returns on extension thru Sept. 15, and the Oct. 15 deadline for those who received an extension to file their 2014 return.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Sept. 12, as long as the deposits were made by Sept. 28, 2015.

For additional details including the covered disaster area, affected taxpayers, grant of relief and casualty losses, go to www.irs.gov/uac/Tax-Relief-for-Victims-of-Valley-and-Butte-Fires-in-California.