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Important Reminder: California’s Winter Storms Postpones June 15 Payments

The winter storms that hit California in December and January have caused a lot of damage and disruption. As a result, taxpayers affected by these storms qualify for an extension to October 16, 2023 to file individual and business tax returns and make certain tax payments1This includes individuals whose tax returns and payments are due on April 18, 2023 and June 15, 20231.

As announced by Governor Newsom earlier in the year, California individuals and businesses impacted by 2022-23 winter storms qualify for an extension to file and pay taxes until October 16, 2023.

This includes:

  • Individuals whose tax returns and payments are due on April 18, 2023.
  • Quarterly estimated tax payments due January 17, 2023, March 15, 2023, April 18, 2023, June 15, 2023, and September 15, 2023.
  • Business entities whose tax returns and payments are normally due on March 15 and April 18.
  • Pass-through entity (PTE) elective tax payments due on March 15, 2023 and June 15, 2023.

Affected counties:

Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe winter storms, flooding, landslides and mudslides that reside or have a business in Alpine, Amador, Butte, Calaveras, Del Norte, […]

By |2023-05-24T13:09:47+00:00May 24th, 2023|CA tax, california, disaster, tax deadlines|0 Comments

California Conforms to IRS: More Time to File State Taxes for Californians Impacted by Winter Storms

SACRAMENTO – In addition to tax relief measures that Governor Gavin Newsom announced in January, California is also extending the state tax filing and payment due dates to October 16, 2023 for Californians impacted by the winter storms in December and January. This aligns California with the Biden Administration, which announced that the IRS extended various due dates until October 16, as well.

“As communities across the state continue recovering from the damage caused by the winter storms, California is working swiftly to help recovering Californians get back on their feet,” said Governor Newsom. “The state is aligning with the Biden Administration and extending the tax filing deadline in addition to the tax relief announced earlier this year.”

Last month, Governor Newsom announced tax relief for those impacted by winter storms, giving people the ability to claim a deduction for disaster loss and extending certain filing deadlines.

The following counties are eligible for this extended tax relief, per the IRS announcements here and here:

Residents and businesses in Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Inyo, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Nevada, Orange, […]

California Conforms To IRS Filing Extensions For California Storm Victims

The Governor’s office has announced that California will conform to the filing extensions granted by the IRS for California storm victims. This means the FTB has extended filing and payment deadlines for many individuals and businesses in California until May 15, 2023.

This relief applies to the following deadlines falling on or after January 8, 2023, and before May 15, 2023:

  • Individual income tax returns;
  • Business return filings normally due between March 15 and April 18, 2023;
  • Fourth and first quarter estimated tax payments due on January 17, 2023, and April 18, 2023. Individual taxpayers can skip making the fourth quarter estimated tax payment and instead include it with the 2022 return as long as the return is filed on or before May 15, 2023;
  • IRA and health savings account (HSA) contributions; and
  • Quarterly payroll and excise tax returns, normally due on January 31, 2023, and April 30, 2023.

Below is the complete press release from the Governor’s office:

SACRAMENTO – Californians impacted by winter storms are now eligible to claim a deduction for a disaster loss and will have more time to file their taxes.

“Whether it’s more time to file your taxes or getting a deduction, this […]

By |2023-01-16T18:32:49+00:00January 16th, 2023|ca, CA tax, california, disaster, ftb, irs, tax deadlines|0 Comments

IRS Announces Tax Relief For Victims Of Winter Storms In California

Victims of severe winter storms, flooding, and mudslides in California beginning January 8, 2023, now have until May 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe winter storms, flooding, and mudslides that reside or have a business in 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 counties qualify for tax relief.

The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after January 8, 2023, and before May 15, 2023, are granted additional time to file through May 15, 2023. As a result, affected individuals and businesses will have until May 15 to file returns and […]

By |2023-01-16T18:17:48+00:00January 16th, 2023|ca, CA tax, california, disaster, irs|0 Comments

California Governor Signs Two Major Bills: SB 113 and SB 114

Today, California Governor Gavin Newsom signed SB 113, which expands the passthrough entity elective tax benefits by:

  • Repealing the tentative minimum tax limitation on the Passthrough Entity Elective Tax Credit;
  • Allowing partnerships/S corporations/LLCs with owners that are partnerships to make the election (although the tax can’t be paid on behalf of the partnership owner);
  • Allowing SMLLCs that are passthrough entity owners to claim the Passthrough Entity Elective Tax Credit (although SMLLCs are still prohibited from making the election themselves); and
  • Changing the credit ordering rules related to the Passthrough Entity Elective Tax Credit to increase the benefit for taxpayers that claim the Other State Tax Credit (beginning with the 2022 tax year).

Except as noted, these changes will apply to the 2021 tax year. Yesterday, we posted more info on SB 113, which you can read here.

SB 113 also:

  • Fully conforms to the federal exclusion of Restaurant Revitalization Grants, retroactive to the 2020 tax year;
  • Partially conforms to the federal exclusion of Shuttered Venue Operator Grants, retroactive to the beginning of the 2019 tax year; and
  • Repeals the $5 million business credit limitation and NOL suspension for higher […]
By |2022-02-09T20:03:46+00:00February 9th, 2022|ca, CA tax, california, New Tax Laws|0 Comments
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