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IRS & CA FTB Tax Deadline Extended to October 16, 2023 for California Storm Victims
The Internal Revenue Service (IRS) announced that it will extend the tax-filing deadline for California storm victims to October 16, 2023. The extension is meant to provide relief to individuals and businesses affected by the severe storms, flooding, landslides, and mudslides that hit the state earlier this year.
This extension applies to taxpayers who live or have a business in certain counties affected by the storms, including Los Angeles, San Bernardino, and Ventura counties. A full list of affected areas can be found on the IRS website. It will give them additional time to file their tax returns and make tax payments without penalty or interest charges.
The IRS understands that natural disasters can be devastating to those impacted and that the recovery process can be a lengthy one. That's why the agency is providing this extension to help alleviate some of the stress caused by the storms.
To take advantage of the extension, taxpayers must identify themselves as a California storm victim by writing the name of the storm in red ink at the top of their tax return. Additionally, those who have already filed their returns and are due a refund can contact the IRS to request expedited processing of their returns.
The IRS has also reminded taxpayers that they may be eligible for other tax relief options, such as casualty loss deductions or payment plans, to help them recover from the storms. Those who are eligible can consult the IRS website or contact a tax professional to learn more about the available options.
Additionally, California Franchise Tax Board has announced that it will also be extending the filing deadline to affected taxpayers to October 16, 2023.
The IRS's and FTB’s decision to extend the tax-filing deadline for California storm victims to October 16, 2023, is a welcome relief to those who have been impacted by the recent storms. It provides taxpayers with additional time to file their returns and make payments without incurring penalties or interest charges. For those who have been affected, it's important to take advantage of this extension and explore other available tax relief options to help them recover from the storms.
Tax Reform Guide is now live!
Are you curious how tax reform may affect you, your business and your 2018 taxes? Our Tax Reform Guide is now live under Articles & Resources. You can also access our guide by clicking here. If you have any questions or need help with these changes please reach out to us.
Offshore Voluntary Compliance Program ends September 2018
The Offshore Voluntary Compliance Program (OVDP) that was once previously available to taxpayers who willfully failed to report their foreign financial assets and income will end on September 28, 2018.
For taxpayers who have not wilfully failed to disclose their foreign financial assets and would like to come into compliance, the Streamline Filing Compliance Procedure is still an available option. The IRS may eventually end this program at some point as well. If you need assistance with filing delinquent returns or would like to have a consultation please reach out to us.
More information can be found directly at the IRS website here