The California Franchise Tax Board (FTB) issued information detailing the process for claiming a disaster loss deduction, applicable to losses suffered in California from Jan. 1, 2014, to Jan. 1, 2029. The information outlines the types of losses that qualify for the deduction, how taxpayers can claim disaster loss deduction on tax returns, the payment deadline extension, and how to request the stoppage of interest accrual on taxes owed due to disaster circumstances. [Cal. Franchise Tax Bd., Disaster loss deduction, 01/01/25]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.