Filing deadline extended for disaster area taxpayers

An update for those affected by recent winter storms.

Update by Westmount Staff

6 April 2023

Taxpayers affected by the recent winter storms now have until Oct. 16, 2023, to file their federal and California state tax returns and make tax payments for calendar year 2022. The deadline had previously been extended to May 15.

The deadline extension affects most individuals, businesses, and tax-exempt organizations in California and other affected states, including:

  • Individuals whose tax returns and payments are normally due April 18.
  • Quarterly estimated tax payments that are normally due Jan. 17, April 18, June 15, and Sept. 15.
  • Business entities whose tax returns are normally due March 15 and April 18.

Eligible taxpayers may also continue to make 2022 contributions to their IRAs and health savings accounts until Oct. 16.

In alignment with the IRS, California has also extended its state tax filing deadline to Oct. 16 for most state residents and businesses.

Affected taxpayers may claim disaster-related losses on either the return for the year the loss occurred or the return for the prior year. For state returns, taxpayers should write the name of the disaster in blue or black ink at the top of their tax return, or, if filing electronically, follow the software instructions.

If you receive a late filing or late payment penalty notice from the IRS or California Franchise Tax Board (FTB) that has an original or extended filing, payment, or deposit due date falling within the postponement period, you can call the number on the notice to have the penalty abated.

For questions about how this deadline extension may impact your individual situation, please speak with your tax advisor. Or, contact us at 310-556-2502 to speak with your Westmount advisor. You may also email info@westmount.com.

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Disclosures

This document was prepared by Westmount Partners, LLC (“Westmount”). Westmount is registered as an investment advisor with the U.S. Securities and Exchange Commission. Westmount believes the sources used in this document are reliable, but Westmount does not guarantee their accuracy. The information contained herein reflects subjective judgments, assumptions and Westmount ‘s opinion on the date made and may change without notice. Westmount undertakes no obligation to update the contents of this document. It is for information purposes only and should not be used or construed as investment, legal or tax advice, nor as an offer to sell or a solicitation of an offer to buy any security. No part of this document may be copied in any form, by any means, or redistributed, published, circulated, or commercially exploited in any manner without Westmount ‘s prior written consent.

If you have any comments or questions about this article, please contact us at info@westmount.com.