California FTB Issues Updated Income Tax Information on Disaster Loss Deduction

The California Franchise Tax Board May 16 issued updated guidance on corporate income, individual income, and trust income tax deductions for losses caused by disasters declared by the President or Governor. State law generally follows federal law regarding the treatment of losses incurred due to a casualty or disaster. The guidance provides a list of disasters with extended filing dates and includes information on: 1) the types of losses that may qualify for the deduction; 2) the procedure to claim the deduction on tax returns and to stop interest from accruing on taxes owed; 3) extended deadlines to file, pay, ...