Updated Filing Extensions for Tax Returns and Payment Deadlines for CA Storm Victims
The IRS has announced tax relief for individuals and businesses affected by the recent storms in California. This relief applies to individuals and businesses in the designated disaster area and those whose tax records are located in the affected area. Affected taxpayers will now have until May 15, 2023, to file returns and pay any taxes that were originally due during this period, which include:
2022 Individual Income Tax Returns & Various Business Returns
The deadline for filing 2022 individual income tax returns and various business returns has been extended to May 15, 2023. This includes returns that were originally due on March 15 and April 18, 2023. Eligible taxpayers will also have until May 15, 2023, to make contributions to their IRAs and health savings accounts for the 2022 tax year.
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Quarterly Estimated Tax Payments
The May 15, 2023 deadline for filing 2022 individual income tax returns and various business returns also applies to the quarterly estimated tax payments that were originally due on January 17 and April 18, 2023. This means that individual taxpayers can forgo making the fourth quarter estimated tax payment that was originally due on January 17, 2023, and instead, include it with the 2022 return they file by or on May 15th, 2023.
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Quarterly Payroll & Excise Taxes
The deadline for filing quarterly payroll and excise tax returns that were originally due on January 31, 2023, and April 30, 2023, has been extended to May 15, 2023. Furthermore, penalties on payroll and excise tax deposits that were due on or after January 8, 2023, and before January 23, 2023, will be waived as long as the tax deposits are made by November 22, 2023.
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FEMA Released California Counties That Qualify For Tax Relief
As of January 11, 2023, these are the following California counties that qualify for tax relief.
Affected designated areas have been provided by the IRS, most updated on January 11, 2023.
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Filing Extensions Overview
If you’re an affected California resident, you have extra time to file returns and pay tax payments but if you don’t take advantage of the extended tax deadline given by the IRS, penalties, and interests will accrue normally as if you’ve missed a normal deadline. Procrastinating on filing your tax returns will not only result in audits but will also open the door to a world of interest and penalties that will be a burden on you, especially if you have current unpaid back taxes! The IRS Fresh Start Program consists of 4 main programs that are accessible to taxpayers who owe much more than they can reasonably afford to pay. The four major programs are as follows: Currently Not Collectible (CNC) Offer In Compromise (OIC), Installment Agreement (IA), and Penalty Abatement (PA).
These relief programs from the IRS Fresh Start Program allow qualified taxpayers the option to reduce or even eliminate their tax debts. These tax experts will help you qualify for the program and help you figure out which options will give you the most suitable outcome. Especially if the agreed amount from the installment agreement that you’ve previously set up with the IRS is a bit harder to pay off these days. It is very important for taxpayers to remain tax compliant because it will save you interest and penalties on the current year and prevent you from a continuous circle of always owing tax.
Resolve Your Tax Bills
If you’ve found yourself in a nasty mess with the IRS, take a deep breath. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there’s a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
How Simple Is Qualifying?
Considering that the Fresh Start Program is a federal program, you would think meeting the qualifications may be very difficult, but really, it’s a lot simpler and quicker than you think. Take the following steps in order to find out if you are eligible in as little as 3 minutes.
- Fill out some basic information about yourself and your back taxes here.
- Have a representative reach out to you to discuss your eligibility.
- Go through the enrollment process and finally reduce or eliminate your tax liabilities.