03/25/2023
TAX RETURN DEADLINE EXTENSION NEWS
TAX RELIEF AND EXTENDED DEADLINE FOR 2023 STORM VICTIMS
You may have heard that California storm victims have until October 16, 2023 to file various 2022 federal individual and business tax returns and make tax payments.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This includes most of the counties in California, including Los Angeles and Orange counties. Please check this link to see if you are in a qualified county and for additional information.
https://www.irs.gov/newsroom/irs-may-15-tax-deadline-extended-to-oct-16-for-disaster-area-taxpayers-in-california-alabama-and-georgia
The tax relief postpones various tax filing and payment deadlines that occurred starting on January 8, 2023. As a result, affected individuals and businesses will have until October 16 2023, to file returns and pay any taxes that were originally due during this period.
This includes 2022 individual income tax returns due on April 18, as well as various 2022 business returns normally due on March 15 and April 18. Among other things, this means that eligible taxpayers will have until October 16 to make 2022 contributions to their IRAs and health savings accounts.
We welcome our clients to avail themselves of this October 16th deadline. FYI though, as stated on the IRS website, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer (not your tax preparer) should call the number on the notice to have the penalty abated (quote from IRS website).
IR-2023-33, Feb. 24, 2023 — Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline had bee...