The IRS has issued a notice allowing an extension until May 15, 2023, for California storm victims to file federal individual and business tax returns and make the associated payments.

The extension impacts returns and tax payments with due dates between January 8, 2023, and May 15, 2023. Businesses and individuals will have until May 15 to file and make payments for:

• Quarterly estimated taxes (previously due January 17 and April 18)
• Individual tax returns (previously due April 18)
• Various business tax returns (previously due March 15 and April 18)
• Estimated taxes and returns for farmers (previously due March 1)
• Quarterly payroll and excise tax returns (previously due January 31 and April 30)
• The IRS noted that deposits for payroll and excise tax due between January 8th and January 23rd must be made by January 23rd to avoid penalties.

Individuals also have until May 15, 2022 to make 2022 contributions to their IRAs and Health Savings Accounts.

According to the news release, taxpayers who reside in or have a business in FEMA-designated counties automatically qualify for tax relief. FEMA has designated the following counties:

Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba

If you are located in the affected area and receive a penalty or late notice, call the number on the notice to request relief.

There is additional relief available for those whose records necessary to complete the filings are held in these counties, even if the individual or business isn’t located in these counties. To request relief, call the IRS at 866-562-5227.

California has conformed to the new IRS deadlines. See announcement on the FTB website.

Looking for an independent fiduciary financial advisor who can advise you on investments, retirement, real estate, alternative assets, and taxes? Contact ACap Advisors & Accountants to schedule a free initial consultation. Our clients include individuals, small businesses, entrepreneurs, and anyone serious about saving and investing for their future.