Rain, rain go away
Don’t come again until a time far away
Rain, rain go away
Will there be a tax filing delay?
Good news is the answer is yes!
We knew rain was good for the drought but did you also know it was good for getting an automatic extension on your taxes?
On January 10, the IRS announced that California counties under the federal emergency declaration would be granted an extension to file from April 18 to May 15, 2023. On January 13, 2023, the FTB announced that it would also extend the filing and payment deadlines for individuals and businesses in California until May 15, 2023. Qualification for extension will be based on taxpayers’ address.
Californians living in impacted counties automatically qualify for an extension to May 15, 2023 to file tax returns and make certain tax payments for deadlines falling on or after January 8, 2023, and before May 15, 2023.
Relief is granted to:
- Individuals whose tax returns and payments are due on April 18, 2023.
- Quarterly estimated tax payments due January 17, 2023 and April 18, 2023.
- Business entities whose tax returns and payments are due on March 15, 2023 and April 18, 2023.
- Entities whose quarterly payroll and excise tax returns due on January 31, 2023 and April 30, 2023.
Plus beginning January 13, 2023, the FTB is suspending the mailing of collection notices to affected taxpayers for the next 30 days, and is offering a disaster loss deduction to eligible Californians impacted by the winter storms.
This blog is written as of January 13, 2023. Recommendations and legal requirements are changing rapidly, so please continue to review our legal updates or review postings on relevant government websites.
All blogs on this site are for educational purposes only, do not constitute legal advice or opinion, and should not be applied to your situation, or any specific situation, without consultation with counsel. Strategy Law, LLP does not provide any legal advice concerning any matter discussed in a blog except upon formal engagement including, without limitation, execution of Strategy Law, LLP’s formal legal services agreement, and with respect to specific factual situations. No blog constitutes a guaranty, warranty, or prediction regarding the result of any legal matter discussed in the blog or any representation.