January 17, 2018

On October 16th the Internal Revenue Service (IRS) announced that Orange County was added to the list of counties included in the federally declared disaster area related to the wildfires that took place in October.

The declaration allows for postponement of certain deadlines falling on or after October 8, 2017 and before January 31, 2018. This includes extended tax returns that were due October 16, 2017 and quarterly estimated income tax payments due during that time frame. Affected taxpayers may also be able to claim disaster related losses if the loss is not covered by insurance. If your property is covered by insurance you must file a timely insurance claim, otherwise you cannot deduct the loss.

If you failed to file a return, received any late filing notices, failed to pay any quarterly estimates, or believe you may have incurred a casualty loss, please contact Onisko & Scholz, LLP.