May 15 tax deadline extended to October 16 for California disaster area taxpayers
In an unexpected announcement on February 24, 2023, the IRS has granted eligibles taxpayers until October 16, 2023 to file various federal individual and business tax returns, and make tax payments. This extension covers most taxpayers in the Bay Area and Southern California – regions that have been declared as disaster areas by FEMA. The previous extended tax deadline for these taxpayers was May 15, 2023.
This extended relief applies to:
- Individual income tax returns, originally due on April 18,
- Estimated tax payments for 2023 normally due on April 18, June 15 and September 15,
- Estimated tax payments for fourth quarter of 2022, originally due on January 17, 2023,
- Various business returns, normally due on March 15 and April 18,
- Farmers who normally file their returns by March 1,
- Exempt organization returns normally due on May 15, and
- Quarterly payroll and excise tax returns normally due on January 31, April 30 and July 31
Eligible taxpayers will also have until Oct. 16 to make 2022 contributions to their IRAs and health savings accounts.
Taxpayers do not need to contact the IRS to take advantage of this relief. According to the IRS, they will automatically provide filing and penalty relief to any taxpayer with an IRS address of record located in the specified disaster area. However, if an eligible taxpayer receives a late filing or late payment penalty notice from the IRS, the taxpayer or taxpayer representative should call the number on the notice to have the penalty abated.
On March 2, 2023, California announced it will be conforming to the October 16th federal tax filing deadline for disaster areas. Individuals and businesses in disaster areas will have until October 16 to file and pay California taxes. This includes all returns and payments listed above, plus California Pass-through entity (PTE) elective tax payment due on June 15.
If you have any further questions on your tax situation, please reach out to your BWA service team or your CPA.
The material has been gathered from sources believed to be reliable, however BWA cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. This article is not intended to provide tax or legal advice, and nothing contained in these materials should be taken as such. To determine which strategies may be appropriate for you, consult your tax and financial professionals. Investment Advisory services are offered through Bordeaux Wealth Advisors, LLC. Advisory services are only offered where Bordeaux and its representatives are properly licensed or exempt from licensure. No advice may be rendered unless a client agreement is in place.