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For California Storm Victims, IRS and California FTB Postpones Tax-Filing and Tax-Payment Deadline to November 16th.

This morning, the IRS extended tax deadlines for most California residents to Nov. 16, 2023, due to recent natural disasters. This relief covers multiple 2022 tax returns, payments, and other time-sensitive actions, and it automatically applies to taxpayers in the affected counties without the need for contacting the IRS. The California Franchise Tax Board today confirmed that most Californians have until November 16, 2023, to file and pay their tax year 2022 taxes to avoid penalties. More information here on CA FTB updates.

Most individuals and businesses in California will now have until Nov. 16 to file their 2022 returns and pay any tax due. Fifty-five of California’s 58 counties—all except Lassen, Modoc and Shasta counties—qualify. IRS relief is based on three different FEMA disaster declarations covering severe winter storms, flooding, landslides, and mudslides over a period of several months.

The IRS normally provides relief, including postponing various tax filing and payment deadlines, for any area designated by the Federal Emergency Management Agency (FEMA). As long as their address of record is in a disaster-area locality, individual and business taxpayers automatically get the extra […]

By Linkenheimer LLP|2023-10-18T20:25:07+00:00October 16th, 2023|irs, tax deadlines|0 Comments

Important Reminder for 2022 & 2023 Deferred Tax Payments Due to California Flood Relief

As a friendly reminder, please note that for California residents who took advantage of the tax payment deferral provided by California flood relief, the deferred tax payment deadline is approaching on October 16th. For those qualifying for deferment, all 2022 balance due and 2023 Q1 through Q3 estimates are due on this date. Both the IRS and the California Franchise Tax Board (FTB) have emphasized the importance of meeting this extended deadline to avoid potential penalties and interest. If you have any questions or need assistance in ensuring your taxes are appropriately addressed, our team is here to support you.

By Linkenheimer LLP|2023-10-09T16:33:31+00:00October 9th, 2023|CA tax, tax deadlines|0 Comments

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

California Tax Updates for 1/7

Update 1:

Employers in California should know the state Employment Development Dept. released CA’s 2022 interest rates on delinquent payroll taxes. For the period of Jan. 1, 2022, through June 30, 2022, the interest rate will be 3% compounded daily (unchanged from 2021). This is the interest rate charged on all overdue taxes, including: Unemployment Insurance; Employment Training Tax; State Disability Insurance and Personal Income Tax withholding. This rate is subject to semiannual adjustment in January and June, based on short-term federal rates. CA’s Unemployment Insurance Code doesn’t allow the interest to be canceled or waived. Contact us with questions or visit this link: https://bit.ly/3dZFFXS

Update 2:

California’s statewide minimum wage rate will rise in 2022. The CA Dept. of Industrial Relations has announced that the statewide hourly minimum wage rate will rise to $15.00 for large employers (with at least 26 employees) and to $14.00 for smaller employers. In 2016, CA law required the state […]

By Linkenheimer LLP|2022-01-07T20:29:29+00:00January 7th, 2022|CA tax|0 Comments