As you may be aware from recent news reporting, the IRS and California Franchise Tax Board (FTB) have issued updated disaster relief notices in response to a series of severe winter storms.
California taxpayers in specified counties now have until October 16, 2023 to file various California and federal personal and business tax returns and make tax payments. The original relief extension was until May 15, 2023.
The IRS and FTB are offering relief to individuals and households that reside or have a business in counties designated as a disaster area by the Federal Emergency Management Agency (FEMA), including the following:
The tax relief postpones various tax filing and payment deadlines during the period of January 8, 2023 to October 16, 2023. Additionally, eligible taxpayers will have until October 16, 2023 to make 2022 contributions to their IRAs and health savings accounts (HSA).
We understand that this new timeline provides some space to file tax returns and make payments. However, we urge you to continue to provide your tax information to us as soon as possible.
As always, please connect with us for additional guidance.