Deadlines Extended for Victims of California Wildfires

Individuals and businesses affected by the fires in southern California have extra time to file returns and to submit payments. The Internal Revenue Service has extended the deadline for returns or payments due on or after October 21, 2007, and on or before January 31, 2008. For individuals, this means that estimated tax payments due on January 15th, 2008, is now extended to January 31st. These extensions apply to taxpayers living in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura counties.

Additionally, taxpayers are able to claim a casualty loss on either their 2007 and on their 2006 tax returns. Being able to claim a loss on a previously filed tax return is available only to victims in Presidential Disaster Areas. Claiming a loss on a 2006 return can provide immediate financial assistance by obtaining a tax refund from deducting the loss. To claim a disaster-related loss, taxpayers can file an amended return for 2006 to claim a quick tax refund.

For more information:

• Casualty and Theft Losses
• Casualties, Disasters, and Thefts (IRS Publication 547)
• IRS Grants Tax Relief for Southern California Wildfire Victims (IR-2007-178)