Amid the ongoing record-breaking wildfires in Los Angeles (LA), federal, state, and LA County authorities are rolling out measures to aid wildfire victims, including extensions on tax payment deadlines.

On January 12, the Internal Revenue Service (IRS) announced that it is extending tax filing and payment deadlines to October 15 for residents affected by the wildfires in LA. The IRS stated that this measure is part of efforts to alleviate the financial burdens faced by wildfire victims. The relief will be automatically applied to taxpayers whose addresses are within the affected areas.

The IRS relief includes extensions for filing individual income tax returns due on April 15, contributions to individual retirement accounts (IRAs), and health savings accounts. Quarterly and estimated taxes originally due on January 15, April 15, June 16, and September 15 this year are also covered.

Additionally, the extension applies to business tax returns due between March and July. Penalties for missed payroll and excise tax deposits due between January 7 and January 22 will also be waived.

Following President Joe Biden��s January 8 declaration of California as a federal disaster area, both federal and state governments have introduced comprehensive support measures. During a strategy meeting at the White House on January 9, President Biden announced, ��The federal government will increase recovery funding to cover 100% of costs, including all expenses incurred over the next 180 days.��

Biden emphasized that the funds will be allocated for debris removal, temporary housing, emergency responder wages, and all necessary measures to protect lives and property.

The Small Business Administration (SBA) is also offering low-interest disaster loans to businesses, homeowners, renters, and private non-profit organizations affected by the wildfires in Southern California, including LA County, Orange County, San Bernardino County, and Ventura County.

On January 9, the California state government issued an executive order waiving the one-week waiting period for unemployment benefits for workers affected by the wildfires and eligible for regular unemployment insurance. This means individuals can receive unemployment benefits immediately without the standard waiting period.

Individuals or businesses directly impacted by the fires can also request extensions of up to 60 days to file state payroll reports or pay payroll taxes without incurring penalties or interest. Requests must be submitted in writing to the California Employment Development Department (EDD) within two months of the original due date.

Governor Gavin Newsom stated, ��We stand with the thousands of Californians impacted by these unprecedented fires. While providing resources for recovery, we remain focused on combating these fires and protecting lives and property.��

As of January 7, seven wildfires have erupted across LA County, including in the affluent coastal area of Pacific Palisades, resulting in unprecedented destruction. The death toll has risen to 16, with 16 additional people reported missing. The number of destroyed buildings has surpassed 12,000.

According to private weather data company AccuWeather, the economic damage and losses caused by the wildfires are estimated to range between $135 billion and $150 billion. As the fires continue, the total damage is expected to rise further.

(By Reporter Hong-Yong Park)

<Hongyong Park>