For individuals and companies impacted by the devastating wildfires in Los Angeles, California has extended the deadline for reporting taxes.
Due to fires that have destroyed over 10,000 buildings and devastated entire neighborhoods, the California Franchise Tax Board and the California Department of Tax and Fee Administration have announced extensions to their tax reporting deadlines.
Extension for taxpayers in Los Angeles County
For taxpayers and businesses impacted by the fires, the FTB will offer state catastrophe tax relief, according to a statement released by Newsom’s office on Saturday. Los Angeles County taxpayers have until October 15 to submit their 2024 income state tax forms and pay any taxes that were due between January 7 and October 15.
“California is acting to help state taxpayers impacted by these destructive fires.” Los Angeles County residents have endured unspeakable tragedy, and the state will keep doing all in its power to support these communities,” Newsom stated.
Newsom announced a state of emergency and obtained a Major Disaster Declaration from President Joe Biden as the fires started to spread throughout Southern California cities.
According to Newsom’s office, taxpayers who have been impacted by a disaster that has been declared by the president are qualified to claim a deduction for disaster loss.
According to a statement from the governor’s office, “FTB can issue a refund sooner if the disaster loss is claimed on a tax year 2024 return.”
The following are included in the postponement:
Extension for sales and use tax filing
According to the governor’s office, the CDTFA automatically extended the tax reporting deadline for Los Angeles County taxpayers from January 31 to April 30.
In addition, the state will be able to help firms establish flexible payment arrangements and offer relief from interest and penalties.
“The operational foundation is in place to ensure that government serves all Californians. “We’re ensuring that our business foundation stays robust and vibrant because we care deeply about everyone affected,” said Amy Tong, secretary of the Government Operations Agency.
Among the disaster assistance provided by the CDTFA are:
“Annual licensing fees under the Cigarette and Tobacco Products Licensing Act and returns due under the International Fuel Tax Agreement are not extended,” according to Newsom’s office.
For their 2024 third-quarter reports, taxpayers who owe less than $1 million in sales and use tax are eligible for the automatic extensions until April 30.