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Tax Blog

California You Are Not Forgotten

Earlier in November the IRS released Ann. 2017-15 what this does for California wildfire victims is ease the Loan/Hardship rules for all victims of the natural disasters of wildfire in California. In life there is no preparation that absolves one hundred percent of the chances from a natural disaster occurring. Insurance is there to help recover some of the loss but is it always enough? The simple answer is no; when a victim(s) experiences a natural disaster the displacement period is described as one of the worse experiences in life to face. Uncertainty of tomorrow is a scary aspect for any person to deal with. Coping mechanisms take hold and everyone will react different.

The reality is that we need to get back to life and back to living as soon as humanly possible. What it takes to return to that normalcy is of course money; (and they say money doesn’t buy happiness). I digress with humor because it is true in some aspects. Sure the precious memories can be lost from the natural disaster. But your life and getting back to normalcy is the most important step to make. With the move the IRS makes this month, is a continuing effort to return taxpayers to normal lives after suffering a natural disaster.

The plan proposed allows employers that sponsor retirement plans for their employees may provide relief to employees, along with some family members, who live or work in the disaster area designated for individual assistance by the Federal Emergency Management Agency (FEMA). If you have more questions about any of the IRS relief programs for natural disaster victims in the United States; do not hesitate to give the professionals at The Center a call at (618) 997-3436 and we can help you determine what the next step is for you.

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