Recent storms prompted a disaster declaration by the Federal Emergency Management Agency (FEMA). As a result, both the IRS and California Franchise Tax Board have now extended tax deadlines to October 16, 2023 for many California taxpayers (*see note below for information about extension eligibility). All income tax and payroll/excise tax filings, including tax payments due between January 8, 2023 and October 16, 2023, will have an extended tax deadline of October 16, 2023 for both filing and paying. For individual taxpayers, the postponement includes all of the following key payments:
- 2022 Fourth Quarter Estimated Tax Payments originally due 1/15/23
- 2022 Extension Payments originally due 4/18/23
- 2023 First Quarter Estimated Tax Payments originally due 4/18/23
- 2023 Second Quarter Estimated Tax Payments originally due 6/15/23
- 2023 Third Quarter Estimated Tax Payments originally due 9/15/23
With these postponed deadlines in mind, we, your Tax Team at Realize, felt that we need to communicate our approach to the updated tax calendar for 2023. We understand that in the current high-interest rate environment, some clients may want to defer tax payments until October. While interest and penalty-free payment postponement is an exciting prospect, we do not intend to alter our plans from a work perspective. We will continue to gather the necessary tax information for and from our clients, make progress on all 2022 compliance work, and accurately calculate the payments expected to be due prior to the original due dates. In addition, we will review 2023 on a quarterly basis to ensure you are informed and prepared for those payment amounts as well. Overall, we encourage clients to continue to forward tax documents as usual so that we may be proactive and provide the best service possible during these unusual times.
*Residents of all California counties will qualify EXCEPT those residing in: Imperial, Kern, Lassen, Modoc, Plumas, Shasta, and Sierra counties
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We are prepared to strategize. Let us help you reap any benefits still allowed by the latest tax reforms. We are happy to discuss any questions that you may have about minimizing your taxes and maximizing any benefits with actions you can take now, in 2022. Contact us today to learn more about tax planning options specifically tailored to your financial goals.
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