Potential Tax Relief for Earthquake Victims

Back in August, many residents and business owners in Napa, California suffered damage due to a 6.0 earthquake that rocked the area on August 24th at approximately 3:20 a.m. One person was killed and significant damage to structures and fires ensued.

In response to the aftermath, the IRS announced that certain taxpayers may qualify for some tax relief since Napa and Solano counties were declared Federal disaster areas. Certain deadlines falling on or after August 24, 2014 and on or before January 15, 2015, have been postponed through January 15, 2015.

Important: Any affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at (866) 562-5227 to request this tax relief.

Source: www.irs.gov

More Updates


The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

Read More »

Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

Read More »

Tapping Into Retirement Accounts If Not Directly Impacted By COVID-19

The recently-­‐enacted Coronavirus Aid, Relief, and  Economic Security Act (CARES  Act) signed by President Trump  on  March  27, 2020, allows  “qualified individuals” to take up  to  $100,000 of  penalty-­‐free IRA and company plan withdrawals during 2020. “Qualified individuals” include those who are (or whose family members are) sickened by the virus or who have virus-­‐related

Read More »
Scroll to Top