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Insights

IRS grants filing and payment extensions to California storm victims

January 13th, 2023/Tax

Individuals and businesses located in California may qualify for tax relief. California storm victims now have until May 15, 2023, to file various federal forms and make tax payments.

These extensions impact the following:

  • Individual income tax returns normally due April 18, 2023
  • Business return filings normally due between March 15 and April 18, 2023;
  • Fourth quarter estimated tax payments normally due on January 17, 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 or extended on or before May 15, 2023;
  • IRA and health savings account (HSA) contributions originally due April 18, 2023; and
  • Quarterly payroll and excise tax returns, normally due on January 31, 2023, and April 30, 2023.

The extensions are automatically offered to taxpayers who live or have a business in the Federal Emergency Management Agency (FEMA) designated disaster area, including Los Angeles, Ventura and Santa Barbara counties.

You can read more about the IRS tax relief here.

We are awaiting confirmation from the Franchise Tax Board as to whether California will conform to this extension. We will follow up once we have more information.

If you have any questions, please contact our office.

For more helpful tax and accounting articles, or to sign up for our newsletter, please visit our KKB Insights page. If you have any questions, please contact us.

TAGS: Tax

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Insights

Changes in Sec. 174 make it a good time to review the R&E strategy of your business

March 15, 2023/0 Comments/in Tax/by KKB CPAs

A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year. Continue Reading Changes in Sec. 174 make it a good time to review the R&E strategy of your business

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March 9, 2023/0 Comments/in Tax/by KKB CPAs

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March 8, 2023/0 Comments/in Tax/by KKB CPAs

How much is the standard deduction in 2023? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some Q&As about these and other tax-related amounts for 2023. Continue Reading Answers to your questions about 2023 limits on individual taxes

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How the new SECURE 2.0 law may affect your business

February 28, 2023/0 Comments/in Tax/by KKB CPAs
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