Business Tax Filings & Payment Deadlines Extended to 05/15/23

The IRS announced yesterday that California individuals and businesses in any county covered by a federal emergency declaration due to conditions resulting from the current severe storms, will have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. (FEMA Declaration 3691-EM)

The delay to May 15, applies to tax filings and payments that would ordinarily have a deadline of April 15 or earlier in 2023. This includes individual income tax returns due on April 18, as well as various 2022 business returns normally due on March 15 and April 18, 2023.  The May 15, 2023  extension also applies to the quarterly estimated tax payments normally due on January 17, 2023 and April 18, 2023. Individual taxpayers can skip making the fourth estimated tax payment due January 17, 2023 and instead include it with the 2022 return they file on or before May 15, ( IRS Announcement, IR-2023-03, January 10, 2023)

For businesses, the filing of quarterly payroll and excise tax returns, ordinarily due January 31 and April 30, can also be delayed until May 15th.  However payroll and excise tax deposits due January 8 must still be paid by January 23, 2023 in order to avoid penalties.

Individuals that reside in or have a business in one of the following FEMA designated counties qualify for the above tax relief: Colusa, El Dorado, Glenn, Humboldt, Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Bernardino, San Diego, San Joaquin, San Luis Obspo, San Mateo, Santa Barbara, Santa Clara, Dsnts Crua, Solano, Sonoma, Stanislaus, Sutter, Tehama, Ventura, Yolo and Yuba.

This is an evolving situation and additional Counties may be designated as disaster areas and added to this list. To get the most up-to-date and current information, Contractors should consult with their own legal and/or financial advisors about  company-specific questions on how best to proceed going forward.

This content was provided by SCGMA legal counsel and is for general informational purposes only. Readers should contact their own professional counsel for company specific matters in the relevant jurisdiction.

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