The Tax team here at Grimbleby Coleman has been keeping an eye on news about the Federal and State Tax deadlines. In a previous update, we reported the Federal deadline was October 16. However, the new postponement means that many California taxpayers and businesses now have until November 16, 2023, to file their 2022 federal income tax returns and pay any taxes due.
This decision, outlined in IR-2023-189, applies to individuals and businesses affected by recent storms in 55 out of California’s 58 counties, excluding Lassen, Modoc, and Shasta counties.
Eligible Returns And Payments Include:
- 2022 individual income tax return and payments normally due on April 18;
- 2022 IRA and HSA contributions.
- Quarterly estimated tax payments normally due on April 18, June 15, and September 15;
- Calendar-year 2022 partnership and S corporation returns normally due on March 15;
- Calendar-year 2022 corporate and fiduciary income tax return normally due on April 18;
- Quarterly payroll and excise tax returns normally due on May 1, July 31, and October 31; and
- Calendar-year 2022 returns filed by tax-exempt organizations normally due on May 15.
Additionally, the extended deadline applies to other time-sensitive tax-related actions as specified in Revenue Procedure 2018-58.
In a related announcement, the California Franchise Tax Board (FTB) has aligned with the IRS’s decision, extending the deadline for most Californians to November 16, 2023, for filing and settling their 2022 tax obligations.
Taxpayers who have suffered a disaster loss can claim a deduction. Detailed information and instructions are available in FTB Publication 1034, “2022 Disaster Loss: How to Claim a State Tax Deduction.” You can choose to claim the disaster loss on your 2023 tax return next spring or offset it against your 2022 income by amending your return if you have already filed it.
We want to remind you that we are here to help. If you have questions about the deadlines, need guidance on how to file, or require assistance with any tax-related concerns, please do not hesitate to contact us – we are just a call or click away.