A Bright Spot Following Torrential Rains
Floods and landslides in the aftermath of recent torrential rains have wreaked havoc on parts of California, prompting the Internal Revenue Service (IRS) to grant disaster relief in many counties in California – resulting in extended due dates for both tax returns as well as extensions for Section 1031 exchanges. The relief extends tax filing and payment deadlines after January 8, 2023, which means that individual tax returns and payments otherwise due on April 18 will now be due May 15, 2023. This extension will also apply to quarterly payroll and excise taxes due on January 31 and April 30, 2023.
Phil Jelsma, a partner and chair of the tax practice team at Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3), examines tax relief for California storm victims in The Daily Transcript. (Subscriber only).