Our thoughts and prayers go out to all of those who have been affected by the fires in Sonoma, Napa and the neighboring counties. Thank you for your calls, emails and messages of concern. Our office has been open since last Tuesday, the day after the fire. While some of us are working remotely as we deal with our own losses, the office is fully functional, and we are here to answer questions and help you plan for your future needs.
On Thursday October 13, both the Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) announced a special tax relief and an extension for the tax filing due date. For those who are residents of counties impacted by the fires, the due date has been extended to January 31, 2018, and penalties for late filing are waived. The counties included in the disaster area are Sonoma, Napa, Solano, Lake, Mendocino, Butte and Nevada.
As we start to rebuild, there are several areas of concern that may arise. DBM is here to help you steer through some of these issues. If you have questions about any of the following, please give us a call:
- Tax treatment of casualty/disaster losses. There are special rules that may benefit you if you have suffered a loss or damage to your home and business.
- Establishing a value to your home or business to document your loss.
- Assistance negotiating with your insurance company to maximize your insurance settlements.
- Calculating taxable income for 2017 to revise estimated tax payments and withholding.
- Determining the best timing to report your loss. The IRS and the FTB both allow you to claim the loss in tax year 2016 or 2017. We can evaluate which option is the best for you.
We at DBM are proud to be a part of this wonderful community. We are here to help you recover and rebuild. Be well, be safe, and stay in touch.
