 Internal Revenue Service IRS tax news IRS California storm victims qualify for tax relief April 18th deadline other dates extended to May 15th Honestly, isn't it amazing how the government always frames stuff? So they're like the hero and whatever else they're talking about falls into one of two categories Villain or victim. I mean, that's like the guy. That's how the government sees the world They're like they're like the hero and everything else in existence is either a villain or a victim I mean, honestly, like 10 years ago I don't think most people would say they were a victim Of a storm, you know, they would just say like, you know a bad storm hit It messed up a lot of crap like storms do Things happen. Sometimes those things don't smell so good but no The government declares were victims Which implies the storm had like some kind of nefarious intention. Does it not? Poseidon, perhaps plotting against the innocent people for not burning enough cows in his honor actually They'd probably say the gods these days are mad for us having too many cows Those cows burning too much gas and those four stomachs of theirs. But anyway, that's not the point They then framed themselves the government as like the white knight riding in to save us victims And how is the government going to heroically save us victims? Well, they're going to graciously give us a little bit more time to pay them You know, due to the fact that they just saw all of our assets Literally blow out into the ocean So, you know, the government figured they weren't likely to get paid on time anyways I mean You know a deadline extension is not exactly like Superman retrieving my still intact house from floating in the ocean Flying it in on his shoulder and placing it back on the foundation good as new or anything You know, it's not exactly it's not exactly a heroic thing in my Honestly, like if I If I was just able to keep like a fourth of what the government took out of my paycheck each week in order to Support hunter biden's crack habit I'd have more than enough of a safety note to weather the storm myself. You know, that's what I'm Whatever anyways ir 2023-03 january 10th 2023 washington california storm victims now have until may 15th 2023 to file various federal Individual and business tax returns and make tax payments the internal revenue service announced today The irs is offering relief to any area designated by the federal emergency management agency. That's fema, of course There's a link to that here This means that individuals and households that reside or have a business in and they'll try to pronounce some of these just for Comic relief here, but there'll be a list of this in or link to this in the description So you can look at the list here and you can see the fema page For changes to that list as they may happen in the future So we got calusa el dorado glenn hamboldt los angeles marín mariposa Mendocino merced monterey Napa orange placer riverside sacramento san bernadino san diego san juan San luis abispo san meteo santa barbra santa clara santa cruz Salano sanoma stannis loss Sutter tahama ventura yola And yuba counties qualify for tax relief. So that's a wide throw Right range of areas right there. That's pretty amazing So other areas added later to the disaster area will also qualify for the same relief the current list of eligible Localities is always available on the tax relief in disaster situations page on irs dot gov There's a so there's a link to that page here So the tax relief postpones various tax filing and payment deadlines that occurred starting on january 8th 2023 as a result affected individuals and businesses will have until may 15th 2023 to file returns and pay any taxes that were originally due during this period This includes 2022 individual income tax returns due on april 18th as well as various 2020 through business returns normally due on march 15th and april 18th Among other things this means that eligible taxpayers will have until may 15th to make 2022 Contributions to their iras and health savings accounts. That's that's kind of nice right there Do you get that bit of an extension because that's that last bit of tax planning? And if you get a little bit more time to do that you might get a little More capacity to have the cash flow to to take advantage of that Last bit of planning so in addition farmers who choose to forego making estimated tax payments and normally file their returns By march 1st will now have until may 15th 2023 to file their 2022 return and pay any tax due The may 15th 2023 deadline will also apply to quarterly estimated tax payments normally due on january 17th 2023 and april 18th 2023 This means that individual taxpayers can skip making the fourth quarter estimated tax payment normally due january 17th 2023 and instead include it with the 2022 return they file on or before may 15th The may 15th deadline also applies to the quarterly payroll and excise tax returns normally due on january 31st and april 30th 2023 in addition Penalties on payroll and excise tax deposits due on or after january 8th 2023 and before january 23rd 2023 Will be abated as long as the tax deposits are made by january 23rd 2023 The disaster assistance and emergency relief for individuals and businesses page. There's a link to that here Has details on other returns payments and tax related actions qualifying for the additional time the irs Automatically provides filing and penalty relief to any taxpayer with an irs address of record Located in the disaster area So you shouldn't need to take any action if you're located in that disaster area in order for the extensions to be applying to you 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 that taxpayers should call the number on the notice to have the penalty abated In addition the irs will work with any taxpayer who lives outside the disaster area But whose records necessary to meet a deadline occurring during the postponement period are located in the affected area Taxpayers qualifying for relief who live outside the disaster area need to contact the irs at 8 6 6 5 6 2 5 2 2 7 I won't say that a hundred times because there will be a link to this in the description This is also this also includes workers assisting the relief activities who are affected with a Recognized government or philanthropic organization So obviously if you're outside the area your business address is outside the area But you still think that this relief would apply to you this extension of the deadline would apply then you have to contact the irs They're not going to apply it automatically most likely because they think your address is outside the designated areas so individuals And businesses in a federally declared disaster area who suffered Uninsured or unreimbursed disaster related losses can choose to claim them on either the return for the year the loss occurred In this instance the 2023 return normally filed next year or the return for the prior year 2022 Normally filed this tax season So that's kind of nice that you have the option You want to kind of think about One when when one of those options or which of those options might give you the money when you need it and two Which of those options would be most beneficial for your tax situation? Obviously if the situation happening in uh 2023 was substantial Then it might lower your total income for 2023 So maybe you don't want and also if you if you do it in in the year 2023 You're not going to get the benefit until you file the tax return by april 15th of 2024 If you do it in the prior year 2022 Then it might be the case that uh that you had more income Maybe because maybe there wasn't a disaster at that point in time that kind of interrupted your income possibly and you might be able to get it sooner at that point, but of course uh Well, most people haven't filed 2022. So you've you've got that option as well But on the other hand a lot of people might have lower income already in 2022 because they still have the aftermath of the whole Covid thing and they might not be working uh as much as they were prior to that whole thing So maybe maybe if you project that your income is going to be higher in 2023 for whatever reason Which would put you into a higher tax bracket and whatnot Then those are the kind of considerations you might look into When seeing where to apply this thing if you have the option to to pick a year So be sure to write the fema declaration number 3691 em on any return claiming a law c publication 547 There's a link to that for details the tax relief is part of a coordinated federal response to the damage caused By these storms and is based on local damage assessments by fema For information on disaster recovery visit disaster assistance.gov. There's a link to that here There's a link to all this information here as well. There'll be a link to this in the description