Have you started filing your taxes yet? Coming on the heels of inclement weather in January (winter storms, flooding, landslides, mudslides, etc.)., the state of California, the Federal Emergency Management Agency (FEMA), and the IRS agreed to offer filing extensions to those who qualify within the state and specifically within the Los Angeles, San Diego, Orange, Riverside, Sacramento, and San Francisco counties. As tax season is upon us, we wanted to remind you that all residents are eligible to file and make payments to their taxes until October 16th.
According to the IRS, the relief includes individual income tax, business, and tax-exempt returns, which are all regularly collected and due annually in March and May. Eligible taxpayers are also granted the same extension to make 2022 contributions to their IRAs and health savings accounts.
The IRS may also grant additional time, dependent on circumstance, to anyone requiring financial and physical assistance to damaged business fronts, and home properties. Under a special tax provision, Californians can report casualties (physical damage from a storm fire, car accident or other life-altering event) and losses, as well as monetary loss, to receive necessary recovery funding from the government, if they are within a federally declared disaster area.
We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this may impact you.