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Tax Relief Approved for Los Angeles County Wildfire Victims
Destroying entire neighborhoods, taking lives and displacing over 100,000 people, the wildfires still raging in Los Angeles County are among the worst in California history. Granting some relief to the disaster victims, both the Internal Revenue Service (IRS) and the California Franchise Tax Board have extended due dates for both tax returns as well as granted extensions for Section 1031 exchanges.
Now taxpayers who live in or have businesses in Federal Emergency Management Agency (FEMA) designated disaster areas – which currently include all of Los Angeles County – can file 2024 tax returns with a balance due, with a postponed due date of October 15, 2025.
Our partner Phil Jelsma –chair of the firm’s tax practice team – recently discussed the details of tax relief provided to California wildfire victims in an article published in The Los Angeles Daily Journal and The Daily Transcript.
The full article can be read here.