Thursday, January 17, 2008

The Beast of Mother Nature?


With the current weather coming into North Carolina I started to think about the natural disasters from the past year, the most recent being the fires in California. I know that comparing the fires in California to it snowing here in NC isn't really the same but when it snows things seem to shutdown around here. I started to do some research on what kind of tax relief was given to the residents who were affected by the fires in Cali and here is what I've found.


Released: October 23, 2007
The Franchise Tax Board (FTB) today announced several relief measures for the victims of wildfires in seven Southern California Counties.
The FTB will allow victims to receive additional tax refunds this year by immediately reporting their disaster losses through amended 2006 returns. In addition, the FTB has temporarily suspended mailing billing notices in the seven Southern California counties affected by wildfires.
"The victims of the Southern California fires need to know they can turn to the State for immediate help," said State Controller and FTB Chair John Chiang. "By claiming a disaster loss on last year’s taxes, those who lost their homes or suffered property damages can get additional funds to help them through this tragedy."
Affected taxpayers may also claim the disaster loss on their 2007 tax return that are due to be filed in spring.
The affected counties include Santa Barbara, Ventura, Los Angeles, San Bernardino, Orange, Riverside, and San Diego in the declared state and federal disaster area.
Tax information regarding the fires will be regularly updated and posted to the
FTB's Website.
If taxpayers impacted by the fires need copies of state tax returns to replace lost or damaged ones, they should complete
Form FTB 3516, Request for Copy of Tax Return. Print “Southern California Wildfires 2007” in red at the top of the request. Disaster victims receive free copies of tax returns.


Though I hope you are not one of the unfortunate families that was affected by the fires I hope this information helps.
If you are interested in more tax information check out these sites...
IRS Help 4 You
Tax Consultant Blogs
Brain's Blog
Ashley's Tax Blog
IRS Minds
IRS NEWS
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