Dear Clients and Friends,
IRS and the FTB have agreed to postpone all filing and payment deadlines for taxpayers in affected California counties to October 16, 2023. This applies to all returns due prior to the October 16, 2023, deadline. It also applies to any estimated taxes that are due prior to October 16, as well as the March 15 and June 15 passthrough entity elective tax payments. While the extension applies to payroll tax returns, it does not apply to employment and excise tax deposits.
What does this mean (assuming you are a California taxpayer residing in an affected County)?
- No extension requests need to be filed to extend original due dates during this period and no extension payments are required.
- The balance due on your tax return is not required to be paid until October 16, 2023.
- The sum of the first three Quarterly Estimates for the 2023 tax year are not required to be paid until October 16, 2023. The 4th quarter due date is January 16, 2024.
- The 4th quarter 2022 estimate due January 16, 2023 is not required to be paid at all.
To be clear, there should be no underpayment or late payment penalties applied if you conform to the above.
What are the affected Counties?
All Counties in California EXCEPT FOR the following:
·Imperial · Kern · Lassen · Modoc
· Plumas · Shasta · Sierra
CLICK HERE for the link to the Governor’s press release announcing California conformity to the IRS Notice.
VCPA clients please be patient and understand that original due dates will still appear on your filing instructions, at least in the very short term until our tax software can catch up. We will enclose this eblast with all filing instructions as a reminder for you of what the payment due dates are.
As always feel free to contact us with questions.
The Vanderbilt Team