TAX RELIEF FOR CALIFORNIA STORM VICTIMS

TAX RELIEF FOR CALIFORNIA STORM VICTIMS

Tax relief for California storm victims. The IRS issued an update for victims of the severe storms impacting the State of California. In IR-2023-03, the IRS updated additional counties to include Alameda, Contra Costa, Fresno, Kings, Lake, Madera, Mono, San Benito, San Francisco, and Tulare counties. The IRS is giving storm victims until May 15th, 2023, to file various federal and business tax returns and make tax payments. The tax relief postpones various tax filing and payment deadlines that occurred starting on January 8th, 2023. As a result, affected individuals and businesses will have until May 15th, 2023, to file returns and pay any taxes that were originally due during this period. This includes individual tax returns that were due on April 18, as well as business returns. Among other things, this means that eligible taxpayers will have until May 15 to make 2022 contributions to their IRAs and health savings accounts. Tax relief for California storm victims.

In addition, farmers who chooses to forgo making estimated payments and normally file their returns by March 1 will now have until May 15, 2023, to file their 2022 return and pay any tax due. The may 15th, 2023 deadline also applies to the quarterly estimated payments, normally due on January 17, 2023, and April 18, 2023. This means that individual taxpayers can skip making fourth quarter estimated tax payment, normally due January 17th, 2023, and instead include it with the 2022 return they file, on or before May 15. The May 15 deadline also applies to the quarterly payroll and excise tax returns normally due on January 31 and April 30, 2023. If you have Unfiled Tax Returns and are in need of options, due to a upcoming large tax debt, we can help with a look at the IRS Fresh Start Program by a 36 year old Tax Resolution Company that is a leader in Tax Resolution.