The IRS granted relief Jan. 17 to taxpayers in the Golden State who have suffered due to the recent wildfires, floods, mudslides and debris flows that began on Dec. 4, 2017, including Form 5500 filers.
The IRS in CA-2018-01 provided an extension for filing the Form 5500 series returns as a result of these disasters. This relief is available for taxpayers who reside or have a business in the disaster area, which the IRS defines as Los Angeles, San Diego, Santa Barbara and Ventura Counties. The relief generally extends from Dec. 4, 2017 through April 30, 2018. CA-2018-01 also addresses penalties on payroll and excise tax deposits due on or after Dec. 4, 2017, and before Dec. 19, 2017, as well as individual income tax filings.
This is only the most recent action by the IRS to give Californians a break. They had granted relief to victims of the wildfires that raged in California last fall. And as 2017 drew to a close, the U.S. House passed H.R. 4667, a bill that would extend to victims of the California wildfires access to their 401(k)s and similar plans without incurring IRS penalties or immediate tax liability; the measure is on the Senate calendar for a vote.
