On Feb. 24, the Internal Revenue Service announced that disaster-area taxpayers in most of California (including Monterey County) and parts of Alabama and Georgia have until Oct. 16 to file various individual and business tax returns and make tax payments. Previously, the deadline was May 15, which had extended the original April 18 deadline.
The additional relief postpones until Oct. 16 various tax FILING and PAYMENT deadlines, including those for most calendar year 2022 individual and business tax returns. This includes: individual income tax returns, originally due on April 18; various business returns, normally due on March 15 and April 18 and returns of tax-exempt organizations normally due May 15.
Among other things, this means that eligible taxpayers will also have until Oct. 16 to make 2022 contributions to their IRAs and health savings accounts.
The new Oct. 16 deadline also applies to the estimated tax payment for the fourth quarter of 2022, originally due on Jan. 17. This means that taxpayers that skipped that payment will not be penalized as long as they pay their entire tax by Oct. 16.
Estimated income tax payments for 2023, normally due on April 18, June 15 and Sept. 15 can all be paid on Oct. 16.
The IRS automatically provides the filing and penalty relief to any taxpayer with an IRS address of record located in a disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the telephone number on the notice to have the penalty abated.
Taxpayers qualifying for relief who live outside the disaster area (i.e., your tax preparer and bookkeeper reside in a disaster area) need to contact the IRS at (866) 562-5227.
The bottom line: For the usual April 15 procrastinators, relax… you can now procrastinate until October 16!
Barry Dolowich is a certified public accountant and owner of a full-service accounting and tax practice with offices in Monterey. He can be reached at 831-372-7200. Please address any questions to Barry at PO Box 710 Monterey, CA 93942-0710 or email: [email protected]
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