Tax Relief for Los Angeles County Wildfire Victims: Extended Deadlines & Property Tax Relief
In response to the devastating wildfires in Los Angeles County, federal and state authorities have announced significant tax relief measures for affected taxpayers. At CAPATA, we are closely monitoring these developments to ensure our clients receive the support they need.
Federal and State Income Tax Extensions
- Individual income tax returns and payments normally due on April 15, 2025.
- 2024 contributions to IRAs and Health Savings Accounts.
- 2024 quarterly estimated income tax payments due January 15, April 15, June 16, and September 15, 2025.
- Quarterly payroll and excise tax returns due January 31, April 30, and July 31, 2025.
- Calendar-year partnership and S corporation returns due March 17, 2025
- Calendar-year corporation and fiduciary returns and payments due April 15, 2025.
- Calendar-year tax-exempt organization returns due May 15, 2025.
- Extensions on certain time-sensitive deadlines, such as those for like-kind exchanges.
The California Franchise Tax Board (FTB) has aligned with these extensions, granting affected taxpayers until October 15, 2025, to file their 2024 state tax returns and make necessary tax payments.
California Property Tax Relief
Governor Gavin Newsom issued an Executive Order on January 16, 2025, providing property tax relief for those affected by the fires. Key provisions include:
- Penalty and Interest Suspension: Late property tax penalties, costs, and accrued interest are suspended until April 10, 2026, for properties in designated zip codes. However, this applies only to property taxes that were current as of January 6, 2025, and does not cover payments made through an impound account.
- Installment Plan Protection: Taxpayers on an approved installment plan as of January 7, 2025, will not face delinquency for missed payments during this period.
- Property Tax Reassessment for Damaged Property: Property owners can apply for reassessment if their property suffered damage exceeding $10,000. Filing an Application for Reassessment (ADS-820) within 12 months allows the Assessor’s Office to adjust the taxable value of the property. This reduced assessment will remain in effect until repairs or reconstruction are complete.
- Replacement Property Tax Protections: Additional relief is available for property owners who choose to sell their damaged property and purchase a replacement within two years of the sale.
How CAPATA Can Help
At CAPATA, we are committed to guiding our clients through these tax relief provisions and ensuring they take full advantage of available benefits. If you have been affected by the wildfires and have questions about how these extensions or property tax adjustments apply to you, please do not hesitate to reach out to our team at adminteam@capatacpa.com.
We will continue to monitor any further tax relief measures and keep you informed. .
CAPATA—trusted tax expertise when you need it most
