On October 16, 2023, the IRS and FTB announced that the tax year 2022 federal and California income tax filing and payment due date will be further postponed until November 16, 2023. This postponement is again for victims of the California winter storms and includes individuals and businesses who reside in, or whose principal place of business is located in, any of the affected California counties, which include all except Lassen, Modoc and Shasta counties.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Taxpayers do not have to be directly affected by the storms. Eligible returns and payments include:
- 2022 individual income tax returns and payments normally due on April 18.
- For eligible taxpayers, 2022 contributions to IRAs and health savings accounts.
- Quarterly estimated tax payments normally due on April 18, June 15 and Sept. 15.
- Calendar-year 2022 partnership and S corporation returns normally due on March 15.
- Calendar-year 2022 corporate and fiduciary income tax returns and payments normally due on April 18.
- Quarterly payroll and excise tax returns normally due on May 1, July 31 and Oct. 31.
- Calendar-year 2022 returns filed by tax-exempt organizations normally due on May 15.
For like-kind exchanges, if either the 45-day identification period or the 180-day exchange period fall on or after January 8, 2023, through November 16, 2023, then these periods are automatically extended to November 16, 2023. (Rev. Proc. 2018-58, §§17.01 and 17.02).
The IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227.
If you receive a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, you should call the number on the notice to have the penalty abated.
If you have any questions on the recent federal and state tax relief for Californians and how this may impact you or your business, please do not hesitate to reach out to us for assistance.