Following the disaster declaration issued by the Federal Emergency Management Agency, the IRS and CA FTB have extended the 2022 tax filing and payment due dates to October 16th, 2022 for taxpayers and businesses in all California counties with the exception of Lassen, Modoc and Shasta.
In addition, eligible taxpayers now have until Oct. 16 to:
Make 2022 contributions to their IRAs and health savings accounts
Pay Federal and state 2023 first, second and third quarter estimated tax payments. Taxpayers will not be subject to penalties for failure to pay 2023 first, second and third quarter estimated tax installments as long as such payments are paid on or before Oct. 16, 2023
Make 2023 PTE elective tax payments previously due on March 15, 2023 and June 15th, 2023
Taxpayers that may be receiving refunds and taxpayers that leverage 2023 / 2024 tax strategy and planning initiatives will want have their 2022 tax returns prepared early in 2023, and leverage the remainder of the year identifying and implementing strategies to drive 2023 / 2024 effective tax rates down to the lowest levels possible.
If you have any questions or if we can be of assistance, contact our office to schedule a consultation.
Cobalt PacWest | CPAs & Advisors
4225 Executive Square # 600
La Jolla, CA 92037