By:  Henry VanBuskirk, CFP®, Wealth Manager

Our team would like to provide an update on a recent blog post discussing tax relief and the tax filing deadline for certain counties in California. The individuals in counties originally discussed in that posting will have until May 15^th, 2023, to file tax returns, but some counties are automatically extending that tax filing deadline to October 16^th, 2023. If you are a resident in one of the following counties, you qualify for additional relief and your tax filing deadline is October 16^th, 2023.

Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Inyo, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Nevada, Orange, Placer, Sacramento, San Benito, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, San Diego, San Francisco, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, and Yolo

Residents in Alabama and Georgia may also be able to receive tax relief and have the tax filing deadline extended to October 16^th, 2023.

This means that IRA contributions and Health Savings Account (HSA) contributions for Tax Year 2022 may be made as late as October 16^th, 2023. Estimated tax payments normally due on April 18^th, June 15^th, and September 15^th, and the California Passthrough Entity (PTE) payments for all taxpayers in affected areas are due between now and October 16^th.

For those that are claiming disaster-related casualty losses or would like to request copies of tax returns and waive the fee for requesting prior year tax returns, you may do so by completing Form 4684 ‘Casualties and Thefts’ or Form 4506 (or 4506-T) ‘Request for Copy of Tax Return’ (or ‘Request for Transcript of Tax Return’) respectively. Please reference in bold letters at the top of the applicable form “California, severe winter storms, flooding, and mudslides” and reference the FEMA disaster declaration number, FEMA-3591-DR. The IRS also has a disaster hotline (866-562-5227) and FEMA’s website can be used: https://www.disasterassistance.gov/ for any questions on the above deadlines and inquiries on whether or not you qualify for disaster relief.

Please visit the disaster assistance overview page on the IRS website for further guidance if you live in an impacted area.

Please let us know how we can be of help during what may be a difficult time for you and your family.

Sources:

1. https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-severe-winter-storms-flooding-landslides-and-mudslides-in-california.
2. https://www.irs.gov/newsroom/irs-may-15-tax-deadline-extended-to-oct-16-for-disaster-area-taxpayers-in-california-alabama-and-georgia
3. https://www.irs.gov/businesses/small-businesses-self-employed/disaster-assistance-and-emergency-relief-for-individuals-and-businesses

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