S-Corporations, LLCs taxed as S-Corp. (1120S), or Partnership Tax Filings (1065): Extend by March 15^th Unless You Qualify for Automatic Extension!

*There is an automatic extension if you live or work in a state and county which has been declared a federal emergency.

Spring is just around the corner, although you wouldn’t guess from our cold and rainy CA weather. Due to the severe storm damages throughout CA, for those affected by the flooding, many counties are covered by a federal emergency declaration granting additional time to file and pay taxes.  Please read the details of these provisions below, check to see if your county is covered, and request an extension if you are unsure that you qualify for the automatic extension.    

IRS extends tax deadlines for disaster area taxpayers in California, Alabama, and Georgia.

The Internal Revenue Service (IRS) has indicated that taxpayers living and/or conducting their business in any of the affected counties covered by a federal emergency declaration in the State of California will have additional time to file both federal individual and business returns, as well as have more time to pay their tax bill.  Over fifty California counties are included in this group, which include Los Angeles and San Diego Counties. For a full list of affected areas, you can refer to the IRS webpage at the following link.

CA counties affected by severe winter storms:

Alameda, Butte, Calveras, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Ventura, Yolo, and Yuba. More info here. 

Eligible taxpayers have an automatic extension to file and time to pay until October 16^th, 2023. The IRS is granting this with no extra steps required. There’s no need to contact the agency to use this new deadline instead of the April 18^th, 2023 date. If you’re an affected taxpayer and receive any late filing or late payment penalty notices form the IRS for choosing the new deadline, the best recourse will be to call the number on the mailed IRS letter in order to have the penalty abated.

The CA Franchise Tax Board (FTB) has conformed to the IRS change. As of today, the FTB deadline to file and pay has also been extended to October 16^th, 2023. We will inform you if this changes.

Additional Important Facts

• Fourth Quarterly Estimated Tax payment usually due on January 17^th, 2023, can be skipped and added with the 2022 return at the time of filing by October 16^th, 2023
• The new updated October 16^th deadline also applies for 2022 contributions for IRAs and Health Savings Accounts
• Several business returns due on either March 15^th or April 18^th will also extend to the October 16^th deadline
• Quarterly payroll and excise tax returns are also part of the new October 16^th deadline compared to their January 31^st, 2023 and April 30^th, 2023 original deadlines. Penalties on payroll and excise tax deposits that are due between January 8 and January 23^rd, 2023, qualify to be abated if tax deposits are made by January 23^rd, 2023. 

Individual Tax Returns Tax Filing Deadline is April 18th 

Individual (1040) tax returns are due April 18th.  If you request an extension, your 6-month extension to file extends your deadline to file to October 15th. Remember it is an extension to file, not an extension to pay your taxes. If there was a balance due on the return, interest will be assessed in addition to the tax.  *You may have an automatic extension of time to file and pay if you qualify under the federal emergency declaration.

California Single Member LLCs Tax Filing Deadline is April 18th 

Single Member LLCs (Form 568) not owned by a pass-through entity are due on April 18th. The minimum $800 CA Franchise tax fee is due by April 18th even if you request an extension to file until October 15th. *You may have an automatic extension of time to file and pay if you qualify under the federal emergency declaration.

C Corporation Tax Filing Deadline was April 18th 

C corporation (1120) tax returns are due April 18th.  Your 6-month extension to file extends your deadline to October 15th. *You may have an automatic extension of time to file and pay if you qualify under the federal emergency declaration.

PLEASE CALL NOW TO REQUEST AN EXTENSION AND TO INITIATE YOUR TAX FILINGS.  

To request an extension please contact Roxana@taxpslus.com in Los Angeles.  Please contact Rita@taxplus.com in San Diego.

To coordinate a tax conference with one of our associates in Los Angeles contact Gabriela@taxplus.com or call 310.398.3231 and in San Diego contact Nicole@taxplus.com or call 858-279-1640.

We look forward to working with you!   

TaxPlus Team