Don’t Wait Until the Last Minute to File Your Extended Return!

Woman filing extended return

If you requested an extension to file your 2023 tax return, you probably know that the deadline to file your extended return is coming up soon, on Oct. 15. If you have the information you need, consider filing now.

There’s no advantage to waiting, and last-minute filing may lead to worry. If you’re concerned about paying any tax owed, the IRS offers short- and long-term payment plans, as well as installment agreements, to taxpayers who qualify. It’s important to act quickly if you owe because any amount that was due April 15 accrues interest until the balance is paid. As soon as possible, gather your 2023 tax year records and contact the office for an extended return preparation appointment or to ask any questions you may have.

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IRS offers relief to California storm victims

Edit: On Friday, February 24, the IRS further extended the deadline for affected counties to 10/16. Read additional details in our latest post. As of this edit, the CA FTB has not yet announced conformity to the new October deadline. We will continue to update our blog with details as they become available.

The IRS announced on January 10th that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Relief is automatically offered to individuals and households that reside or have a business in the following counties of California:

  • Alameda
  • Butte
  • Calaveras
  • 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
  • Siskiyou
  • Solano
  • Sonoma
  • Stanislaus
  • Sutter
  • Tehama
  • Trinity
  • Tulare
  • Ventura
  • Yolo
  • Yuba

Relief includes more time to file individual and business tax returns due on the March 15th or April 15th deadlines, Payroll tax returns due on the January 31st and April 30th deadlines, 4th quarter estimated tax payments due on January 17th and 1st quarter estimated tax payments due on April 15th. While the California Franchise Tax Board (FTB) has not yet announced any relief, historically they have matched the federal extensions in disaster declaration situations. As we await confirmation from the FTB as to whether California will conform to these extensions, right now the California 4th quarter estimated taxes are still due January 17th.

If you or your business reside in one of the impacted counties:
No action is required by you. Penalty relief for late filing is automatic and is based on the address you have used to file your tax returns in the past.

If you are outside the currently impacted counties:
You may be eligible for relief but it is not automatic. You can continue to watch this page (https://www.irs.gov/newsroom/tax-relief-in-disaster-situations) for more updates as new counties are added. We will also send updates as we learn of any changes to the impacted disaster declaration zone.

Both Wheeler Accountants offices are located in impacted counties (Santa Clara and Santa Cruz) and we have been experiencing flooding and power outages this week along with many other Californians. The IRS permits taxpayers who live or reside outside the disaster declaration area, but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area to be eligible for relief, but it is not automatic. Thus as a client of our firm you are eligible for relief by contacting the IRS at 866-562-5227. We will not automatically call the IRS on your behalf and we will proceed to complete your work in accordance with the traditional deadlines unless we hear from you that you would like to be eligible for the postponement.

Other state income tax returns for California residents in a federally declared disaster county may not be granted an extension. For multi-state returns, federal conformity to federally declared disaster extensions will need to be examined on a case by case basis.

We strongly encourage all clients to continue to submit tax documentation to our office as you normally would to ensure a smooth filing season and to allow us to provide the best possible service to you. The start of tax filing season including filing to obtain refunds due is not delayed by the disaster declaration.

If you have suffered economic loss as a result of the California storms please consult your tax team here at Wheeler as you may be eligible to deduct any losses on either your 2023 or 2022 tax returns, even if the loss occurred in 2023.