The Internal Revenue Service (IRS) has announced that the deadline for filing amended tax returns and paying owed taxes for Californians has been extended to October 16, providing tax relief to those living or working in the 44 counties that have been impacted by the recent winter storms.
Filing of amended tax return in California is extended. (Photo: Tomorrowmakers)
Filing of Amended Tax Return is Extended
The areas affected include Ventura, Los Angeles, and San Diego counties. The original deadline for filing an amended tax return was May 15, but this was subsequently extended by both state and federal authorities due to the severity of the weather conditions that occurred between December 27 and January 31.
Tax relief will be automatically granted to anyone who is filing from a disaster area, without the need for them to request assistance or inform the IRS of their filing delay. Furthermore, the delay of amended tax return applies to every tax-related action that would have had an April 17 deadline, including contributions to IRAs and Health Savings Accounts, according to a report published in Los Angeles Times.
Business owners and other filers who pay estimated or interim taxes, quarterly payroll taxes, excise taxes, and pass-through entity elective taxes will also benefit from postponed payments due before October. All such payments can be made when filing annual returns on or before October 16.
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IRS on Amended Tax Return
It is worth noting that the IRS advises those who are owed refunds to file their amended tax returns as soon as possible, to avoid giving the government an interest-free loan. However, taxpayers outside the disaster area may still be eligible for delayed deadlines if they meet any of the following conditions: the records required to complete their return are inside the affected area; their tax preparer is unable to complete the work on time because they are inside the disaster area, or they are helping the government or a recognized charity with relief efforts in the area.
If you have suffered disaster-related losses that have not been reimbursed or insured, you can write them off on your amended tax return for 2022 or 2023, provided that the FEMA declaration number (EM-3591) is included on any return claiming a loss. The loss can also be deducted from your state return by following the guidelines in Franchise Tax Board Publication 1034, KCRA reports.
Those who owe taxes in California and who are residing in disaster areas impacted by winter storms can breathe a sigh of relief, as the amended tax return and payment deadline has been extended to October 16. The extension applies to every tax-related action that had an April 17 deadline, providing taxpayers with more time to gather the funds required to maximize tax deductions.
Furthermore, taxpayers will benefit from postponed payments for estimated or interim taxes, quarterly payroll taxes, excise taxes, and pass-through entity elective taxes, all due before October.
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