The IRS announced tax relief for businesses and individuals impacted by the Southern California wildfires and straight-line winds. Anyone residing in or who has a business in Los Angeles County may qualify, as well as those in additional counties designated by the Federal Emergency Management Agency (FEMA).
The tax relief effectively postpones tax filing and payment deadlines that fall between January 7, 2025, and October 15, 2025. Impacted individuals and businesses have until October 15 to file returns and pay taxes that may have come due during this period.
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This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.
