These days are more dynamic than usual, and we are learning moment by moment from current & past clients, professionals of all stripes, media outlets and friends. Passing along a few items that might be useful to our a loved one in Los Angeles.
Sellers & Buyers
Loans are still getting funded, and insurance is coming through even with fires. Every geography is different and proximity to fire walls is an important variable to manage expectations.
Renters & Landlords
There is enormous demand, especially for furnished properties. Best to reach out to us directly to discuss your specific needs or home you are considering leasing. A good resource for Renter’s insurance is Robert Guitron at 626-777-1414 who is writing policies when many others are not as of this writing.
If you or someone you know lost their home, consider contacting the LA Country Tax Assessor to pause property taxes by filing an “Application for Reassessment Property Damaged or Destroyed by Misfortune or Calamity“.
To navigate the recovery process
this resource is endorsed by colleague Madison Hildebrand who has lived through many Malibu fires:
There is a startup called Bright Harbor that helps people recover after natural disasters. They assist with navigating insurance, government benefits, and creating a faster, more confident recovery process. Anyone who needs support can text them at (775) 477-4400. Their team can guide them through the initial steps to set them up for success and partner with them on a successful long-term recovery. You can learn more here www.brightharbor.com It is $150/month fee for support.
Our CPA sent an announcement regarding new FTB IRS rules for those affected by wildfires which are summarized here and shall not be deemed tax advice. Please verify with your CPA.
Taxpayers located in Los Angeles County have until October 15, 2025, to meet filing and payment deadlines that normally fall within the January 7, 2025, through October 15, 2025, time period. (IR-2025-10) This includes:
- 2024 quarterly estimated income tax payments normally due on January 15, 2025, and estimated tax payments normally due on April 15, June 16, and September 15, 2025;
- Quarterly payroll and excise tax returns normally due on January 31, April 30, and July 31, 2025;
- Individual income tax returns and payments normally due on April 15, 2025;
- 2024 contributions to IRAs and health savings accounts for eligible taxpayers;
- Calendar-year partnership and S corporation returns normally due on March 17, 2025;
- Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025; and
- Calendar-year tax-exempt organization returns normally due on May 15, 2025.
In addition, penalties for failing to make payroll and excise tax deposits due on or after January 7, 2025, and before January 22, 2025, will be abated as long as the deposits are made by January 22, 2025.
Taxpayers who have an address of record in Los Angeles County will automatically qualify for relief. Taxpayers who live outside of Los Angeles County whose records are located in Los Angeles County, such as taxpayers with tax preparers in Los Angeles County or who own businesses located in Los Angeles County, also qualify for relief, but must contact the IRS disaster hotline at (866) 562-5227 to obtain relief.
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Additional Los Angeles County wildfire postponement relief for taxes due to FTB, CDTFA
January 13, 2025
For taxpayers affected by the Los Angeles wildfires, the Governor’s office announced that California will provide postponed income and franchise tax filing and payment deadlines in alignment with the filing postponement provided by the IRS. This means taxpayers in Los Angeles County will be granted a postponement to October 15, 2025, to file California tax returns on 2024 income and make any tax payments that would have been due January 7, 2025, through October 15, 2025. This applies to all taxpayers located in Los Angeles County, even if they were not directly impacted by the fires.
According to the Governor’s announcement, this includes relief from the following deadlines:
- Quarterly estimated tax payments normally due on January 15, April 15, June 15, and September 15, 2025;
- Passthrough entity elective tax payments normally due on March 15 and June 15, 2025;
- Business entity corporate or passthrough entity tax returns normally due on March 15 and April 15, 2025;
- Individual tax returns and payments normally due on April 15, 2025; and
- Tax-exempt organization returns normally due on May 15, 2025.
In addition, the Governor’s office has announced that the CDTFA will provide an automatic three-month extension for tax filing deadlines for taxpayers within Los Angeles County for those Los Angeles County taxpayers whose 2024 third quarter return was for less than $1 million in tax. This means that the January 30 returns are now due April 30, 2025. The CDTFA will also provide Los Angeles County taxpayers relief from interest and penalties and create flexible payment plans for businesses.