On 10th January 2023, The Internal Revenue Service released a statement providing relief to California storm victims, covering the regions where President Biden has declared a state of emergency.
As outlined in the IRS statement, California residents residing in 41 counties affected by the recent storm, will get an extra month for filing of the 2022 tax returns, thereby extending the individual and various business tax deadline from April 18, 2023, to May 15, 2023.
The tax relief also applies to all other tax filings, including income tax, payroll tax and excise tax returns. All the returns can be timely filed on or before May 15,2023.
This will benefit millions of California residents, as relief is also provided to estimated tax payments due on January 17, 2023 and April 18,2023. Additionally, the extension will also apply to contributions to IRA and health savings accounts. Previously contributions were due on April 18, 2023, however now they are due on May 15, 2023.
There is no separate application for availing the relief, it is automatically applied for applicable individuals. The IRS will consider the address on file to see if the taxpayer lives within the designated disaster area and is eligible for relief.. Some taxpayers living outside the designated disaster area are also eligible for relief provided certain conditions are met,.
For more information regarding tax relief, deadline, or case-specific questions, please reach out to any of the Chugh, LLP tax professionals via email at info@chugh.com.
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