2022 California Tax Deadline Extensions- What You Need to Know
AUTHOR: ROGER BEEBOUT, CPA
In light of the California storms, the IRS and FTB have granted an additional filing extension. The new deadline for filing is October 16, 2023.
Affected taxpayers
Any taxpayer who resides in, or whose principal place of business is located in, one of the impacted California counties has had their filing and payment deadlines for most federal and state taxes automatically extended to October 16, 2023. These taxpayers do not have to be directly affected by the storms. All counties in California are listed as affected counties except:
Imperial;
Kern;
Lassen;
Modoc;
Plumas;
Shasta; and
Sierra.
If your county is featured in either IRS announcements CA-2023-01 or CA-2023-02, the deadline for filing and payment of federal and state taxes has been extended to October 16, 2023. The extension also applies to taxpayers who are located outside the listed counties, but whose tax preparers are in any of the listed counties.
Returns Types Extended
If your original or extended due date for any of the following types of returns is on or after January 8, 2023 then the automatic extension will be applied:
Individual income tax returns;
Corporate income tax returns;
Partnership income tax returns;
Estate and trust income tax returns;
Estate tax returns;
Gift and generation-skipping transfer tax returns;
Annual information returns of tax-exempt organizations;
Payroll tax returns;
Excise tax returns; and
Employee benefit plan returns (Form 5500 series).
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 October 16, 2023, then these periods are automatically extended to October 16, 2023 (Rev. Proc. 2018-58, §§17.01 and 17.02). Also extended are any of the deadlines listed in Rev. Proc. 2018-58.
Tax & Estimated Payments
The automatic extension applies to any and all payments for the listed return types for payments due on or after January 8, 2023, through October 16, 2023, except for payroll tax deposits.
In other words, all payments for the return types listed above that were due on or after January 8, 2023, through October 16, 2023, are due on October 16, 2023, without incurring late payment penalties. This includes estimated tax payments and the California passthrough entity elective tax March 15, 2023, payment (for calendar-year taxpayers) as well as the June 15, 2023, prepayment for the 2023 tax year. Retirement plan contributions, including employer contributions, are also extended to October 16, 2023.
Taxpayers can file their returns now and pay the tax later (although notices may still be sent).
Sources
The IRS press releases are available at:
www.irs.gov/newsroom/tax-relief-in-disaster-situations
California press releases are available at:
The FTB’s extension-related FAQs are available at:
www.ftb.ca.gov/file/when-to-file/help-with-disaster-relief.html
If you have any questions please contact support@bwocpa.com