If you’re going to be operating a business in California it’s likely that you could be facing the risk of wildfires. As wildfires can often be extremely unpredictable and risky, it’s important to know where your business stands in terms of protection.
Based on recent wildfires that took place in August 2020, a series of tax releases were made available for structures that were affected in California. The IRS announced that victims of the wildfire would have up until December of the same year to file their individual and business tax returns as well as handle outstanding tax payments.
The extension of business tax returns and outstanding payments ensured that 2019 extended tax returns could be filed beyond the deadline. Quarterly estimated tax payments could be deferred until December 15 of 2020 and quarterly excise tax returns would also be due on December 15-20 20.
In order to face eligibility for the California wildfire IRS tax relief, only businesses that were found in areas such as Napa, Santa Barbara, Sonoma, Ventura, Lake, Santa Cruz, Yolo, and other countries that were affected by the wildfires would be able to access this relief.
If your business is working in one of the affected areas it’s important to seek the assistance of a qualified CPA or tax attorney. Working with a professional will make sure that you can have proper negotiation with the IRS and someone that is ready to help you access the ideal tax relief for your business.
If you’re interested in learning more about the types of tax relief that you could access for your business if it was affected by a California wildfire, contact us today. We can discuss a number of tax issues with you as well as help you to prepare a plan for the event that your business is ever affected by a wildfire.
This article was written by Alla Tenina. Alla is one of the best tax attorneys in Los Angeles California, and the founder of Tenina law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.