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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

IRS suspends processing of ERTC claims

September 21, 2023/in Tax/by KKB CPAs

With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end. Continue Reading IRS suspends processing of ERTC claims

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It’s important to understand how taxes factor into M&A transactions

September 19, 2023/in Tax/by KKB CPAs

Buying or selling a business? It may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. Don’t wait until a deal is done! Continue Reading It’s important to understand how taxes factor into M&A transactions

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Plan now for year-end gifts with the gift tax annual exclusion

September 7, 2023/in Tax/by KKB CPAs

The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat. Continue Reading Plan now for year-end gifts with the gift tax annual exclusion

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It’s important to understand how taxes factor into M&A transactions

September 19, 2023/in Tax/by KKB CPAs
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Plan now for year-end gifts with the gift tax annual exclusion

September 7, 2023/in Tax/by KKB CPAs
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https://kkbcpa.com/wp-content/uploads/2023/09/2.jpg 292 560 KKB CPAs https://kkbcpa.com/wp-content/uploads/2021/12/KKB-Logo-w-text.png KKB CPAs2023-09-07 14:33:302023-09-07 14:33:32Plan now for year-end gifts with the gift tax annual exclusion

Financial statements at a glance

September 5, 2023/in Accounting/by KKB CPAs
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Employers should be wary of ERC claims that are too good to be trueFranchise Tax Board conforms to IRS filing extensions for California storm ...
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