Caught In The California Storm? IRS Grants Filing Extensions For CA Storm Victims

TL;DR: Since New Year’s, California has been hit with powerful storms and high winds affecting many cities and residential homes and businesses, not to mention California coastlines as well. This guide explains who qualifies, the rules that apply, and how to apply them to your situation.

Since New Year’s, California has been hit with powerful storms and high winds affecting many cities and residential homes and businesses, not to mention California coastlines as well. The series of atmospheric river storms have brought landslides, mudslides, and flooding to many Northern California and Central California cities and highways. Many roads are closed during this disaster to prevent any more casualties and injuries. This relief includes IRS extensions with tax filing and payment deadlines for those who reside or have a business in the disaster area.

Updated Filing Extensions for Tax Returns and Payment Deadlines for CA Storm Victims

The IRS has announced tax relief for individuals and businesses affected by the recent storms in California. This relief applies to individuals and businesses in the designated disaster area and those whose tax records are located in the affected area. Affected taxpayers will now have until May 15, 2023, to file returns and pay any taxes that were originally due during this period, which include:

2022 Individual Income Tax Returns & Various Business Returns

The deadline for filing 2022 individual income tax returns and various business returns has been extended to May 15, 2023. This includes returns that were originally due on March 15 and April 18, 2023. Eligible taxpayers will also have until May 15, 2023, to make contributions to their IRAs and health savings accounts for the 2022 tax year.

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Quarterly Estimated Tax Payments

The May 15, 2023 deadline for filing 2022 individual income tax returns and various business returns also applies to the quarterly estimated tax payments that were originally due on January 17 and April 18, 2023. This means that individual taxpayers can forgo making the fourth quarter estimated tax payment that was originally due on January 17, 2023, and instead, include it with the 2022 return they file by or on May 15th, 2023.

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Quarterly Payroll & Excise Taxes

The deadline for filing quarterly payroll and excise tax returns that were originally due on January 31, 2023, and April 30, 2023, has been extended to May 15, 2023. Furthermore, penalties on payroll and excise tax deposits that were due on or after January 8, 2023, and before January 23, 2023, will be waived as long as the tax deposits are made by November 22, 2023.

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FEMA Released California Counties That Qualify For Tax Relief

As of January 11, 2023, these are the following California counties that qualify for tax relief.

Affected designated areas have been provided by the IRS, most updated on January 11, 2023.

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Filing Extensions Overview

If you’re an affected California resident, you have extra time to file returns and pay tax payments but if you don’t take advantage of the extended tax deadline given by the IRS, penalties, and interests will accrue normally as if you’ve missed a normal deadline. Procrastinating on filing your tax returns will not only result in audits but will also open the door to a world of interest and penalties that will be a burden on you, especially if you have current unpaid back taxes! The IRS Fresh Start Program consists of 4 main programs that are accessible to taxpayers who owe much more than they can reasonably afford to pay. The four major programs are as follows: Currently Not Collectible (CNC) Offer In Compromise (OIC), Installment Agreement (IA), and Penalty Abatement (PA).

These relief programs from the IRS Fresh Start Program allow qualified taxpayers the option to reduce or even eliminate their tax debts. These tax experts will help you qualify for the program and help you figure out which options will give you the most suitable outcome. Especially if the agreed amount from the installment agreement that you’ve previously set up with the IRS is a bit harder to pay off these days. It is very important for taxpayers to remain tax compliant because it will save you interest and penalties on the current year and prevent you from a continuous circle of always owing tax.