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California Tax Update: Storm victims qualify for tax relief
By: Henry VanBuskirk, CFP®, Wealth Manager
Our thoughts go out to the victims of the recent California storms, and we hope that you and your family are safe. The IRS has declared the following counties to be within a federally declared disaster area and eligible for tax relief.
Alameda, 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, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba
If you reside or have business in one of the counties mentioned, you are eligible for the tax relief and the April 18th deadline has been extended to May 15, 2023. This also means the deadline for tax year 2022 contributions to IRAs or Health Savings Accounts (HSAs) has also been extended to May 15, 2023.
For those making quarterly estimates, for the fourth quarter 2022 and first quarter 2023 estimated tax payments that were due on January 17, 2023, and April 18, 2023, these payments are now due with the 2022 tax return when you file, on or before May 15th.
The quarterly payroll and excise tax returns that are normally due on January 31st and April 30th have also had their deadlines extended to May 15th.
For those that are claiming disaster-related casualty losses or would like to request copies of tax returns and waive the fee for requesting prior year tax returns, you may do so by completing Form 4684 ‘Casualties and Thefts’ or Form 4506 (or 4506-T) ‘Request for Copy of Tax Return’ (or ‘Request for Transcript of Tax Return’) respectively. Please reference in bold letters at the top of the applicable form “California, severe winter storms, flooding, and mudslides” and reference the FEMA disaster declaration number, FEMA-3591-DR. The IRS also has a disaster hotline (866-562-5227) and FEMA’s website can be used for any questions on the above deadlines and inquiry on whether or not you qualify for disaster relief.
We understand that this may be a difficult time for you and your family, and we are ready to help you with any questions that you may have.
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