In response to the devastating wildfires that have affected Los Angeles County, both federal and state governments have extended the income tax filing deadlines for 2024. This critical relief aims to assist individuals and businesses navigating the financial aftermath of this disaster.
New Deadlines for 2024 Tax Filings
The IRS and the California Franchise Tax Board (FTB) have extended key tax deadlines to October 15, 2025. This extension applies to various tax-related deadlines that fall between January 7, 2025, and October 15, 2025.
Who Qualifies for Relief?:
Key Tax Filings and Payments Affected:
- Individual income tax returns and payments typically due April 15, 2025.
- Quarterly estimated income tax payments usually due January 15, April 15, June 15, and September 15, 2025.
- Corporate and pass-through entity tax returns usually due March 15 and April 15, 2025.
- Partnership and S corporation returns for the calendar year, normally due March 17, 2025.
- Corporate and fiduciary returns and payments usually due April 15, 2025.
- Tax-exempt organization returns normally due May 15, 2025.
Payroll and Excise Tax Relief
Penalties for failing to make payroll and excise tax deposits due on or after January 7, 2025, and before January 22, 2025, will be waived if deposits are made by January 22, 2025.
How Can CPAs and Forensic Accountants Help?
Navigating disaster-related tax extensions can be complex. Certified Public Accountants (CPAs) and forensic accountants like Smith Dickson CPA's provide valuable expertise in ensuring compliance, documenting disaster-related losses, and optimizing financial strategies for affected individuals and businesses. Our guidance can help streamline your filings and safeguard your financial health during this challenging time.
For more details, affected taxpayers can visit the Governor's Office of Emergency Services website at https://www.gov.ca.gov or contact Smith Dickson at 949/533-1020.
