In case you forgot or thought you were dreaming when we issued our alert “Wait…What? Tax Season All The Way Through October 16th?”, please don’t wait – this is your friendly reminder. The federal and California filing and payment deadlines are still October 16th for nearly all California residents and owners of California businesses. You really weren’t dreaming. We also want to remind you of actions you should be taking now.
Reminders About the Deadline Extensions
- Nothing of substance has changed from our earlier alert which you can read here.
- Individuals living and businesses operating in Imperial and Kern Counties have been added to the list of those who qualify for the extension.
- Individual clients of LSL who are California nonresidents can qualify for the federal extension since LSL is located in Orange County. Business clients located outside of California also qualify for the federal extension. These clients must contact the IRS at 866-562-5227 before their returns are filed.
- The first three estimated tax payments for qualified taxpayers are due October 16th. This includes the second quarter estimate which is normally due June 15th.
- California AB150/pass-through entity elective payments normally due June 15th (2023 mandatory opt-in payment) are not due until October 16th.
Reminders Why You Shouldn’t Wait Until October
- Cash Flow: You may be due a refund or you need to properly plan for a cash crunch in October.
- Multi-State Returns: Other states may not honor the filing extension and want their money now!
- Pass-Through Entity Filings: These returns (partnerships, S Corporations, and fiduciaries) must be prepared in advance to give California owners and beneficiaries time to complete their returns by October 16th. This also gives them time to do proper cash flow planning and file multistate tax returns if needed.
As always, if you have questions regarding your unique situation, please contact your partner or manager directly. We’re here to help.
