Estate and Business Planning for more than 30 Years

San Diego Firestorm 2003

591 Camino de la Reina

Suite 710

San Diego, CA  92108

Phone 619-295-7100

Fax 619-295-2100

October, 2003 - One of the Partners of Boner Stern & Sipple lives in the fire ravaged Scripps Ranch area of San Diego. Fortunately his home was spared, but many of his friends and neighbors were not as lucky.

There is tax relief for those San Diego victims of the wild fires. The following web sites will be helpful in obtaining general information and updates of the information provided herein. This is a fluid situation, with some fires still raging out of control, so it is important to check these websites for changes in dates and relief available.

Websites of importance:

www.irs.gov (Internal Revenue Service)

www.ftb.ca.gov (California State Franchise Tax Board)

www.boe.ca.gov (California State Board of Equalization)

www.sdcounty.ca.gov/arcc (San Diego County Assessor)

The following are some highlights of the areas of importance to victims of the fires.

Waiver relief for employment and excise tax deposits

Extension periods for returns and other tax payments

Suspension period for billings and assessments

Extensions to file and pay taxes or fees to State Board of Equalization

Property tax relief

Regarding casualty losses, it may be possible to amend your 2002 Tax Return to take the losses on last year’s return. This may also apply to loss of business inventory.

If your prior year’s tax returns have been destroyed in the fire, the Internal Revenue Service and the California State Franchise Tax Board have both indicated they will not charge to send you copies of old returns.

Living expense allowances may not be taxable if they equal your pre-fire living expenses. Disaster relief payments from Relief Organizations might be treated differently than payments you receive from your insurance companies.

Many San Diego employers would like to help their displaced employees. The gift rules under the employer/employee relationship are different than those for individuals, so care must be taken not to create an unnecessary tax. Contributing to charitable organizations like the San Diego Community Foundation, San Diego County YMCA or Red Cross is one way to help all the victims of this disaster.

We live in a great city. Our thoughts and prayers are with those affected by this calamity.
 

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