Saw my accountant on Monday, and he told me this. (He is still doing my taxes because if I am due a refund, I might as well get it.) He said it had to do with the storms. This applies to personal, businesses, trusts - filings and payments, federal and state.
Talked to a woman I know who is a CPA yesterday, and she said the same thing. I asked her if her firm had anything in writing and if she could send it to me, which she did. I read the notice and it listed the 43 counties that received FEMA aide due to the storms - about 75% of CA's population. I asked her this question: say I live or own a business in San Diego County (on the list); even if I did NOT suffer losses due to the storms, my tax filings and any payments due can still be postponed and submitted in October and her answer was "yes"
i am trying to confirm if the other counties are just rolled into this because it seems like a logistical nightmare. Most of those counties are small and remote. Example: Modoc has less than 10K people, but Orange County has 3M and it's by far the largest county not on the list.
I find this odd. When the fires were happening, I believe individual consideration was given, but not this widespread blanket. While locally we have gotten a lot of rain, it is not THAT bad.
(FL anons - has anything like this ever happened after hurricanes? Other states?)
CA is the most populous state. The national debt is crushing. You would think they would want the revenue. My silver hat might be a little tight this AM, but I just get the feeling that something is up, especially with the SVB boondoggle.
Interesting. Thank you
I heard this as well. Are property taxes included? Are you able to share what you have in writing?
https://www.gov.ca.gov/2023/03/02/more-time-to-file-state-taxes-for-californians-impacted-by-december-and-january-winter-storms/
The piece she sent me was an image. Let me see if I can figure out how to get it here.
I can't get it out, but I searched around a bit and found this piece, which pretty much says what she sent me (what she sent looks like it came from the gov't.)
https://californiaglobe.com/articles/federal-tax-deadlines-extended-to-october-due-to-recent-statewide-storms/
I don't think so (although I wish!). Property tax is more automated and doesn't require filing. Plus it is county based.
See below for the link in writing.
Edit to add: ceegeegee is not a tax professional and this should not be construed as advice. Contact your personal advisor for a review of your personal situation. 😉
Just wanted to say hi to my fellow San Diegan! Thank you for the information. I will look into it.
Edit: The link to the info is on the Franchise Tax Board's (CA's state income tax agency) homepage: https://www.ftb.ca.gov/file/when-to-file/Emergency-tax-relief.html. The important piece of information is: "The postponement of time to file and pay does not apply to residents and businesses located in the following 7 counties:
Imperial, Kern, Lassen, Modoc, Plumas, Shasta, and Sierra."
So you and I are good, but you may want to revise your post to include the counties that the extension does not apply to.
Thanks for the FTB clarification. Those counties were not in the IRS announcement either, but neither was Orange, and the FTB announcement makes it appear Orange County residents CA tax filing is due in October. It is a mess.
I have a friend who moved to OC last year for work. But she lived in the Bay Area most of 2022. I am part of a networking group that includes CPAs, etc. and I referred her to someone in Orange County. I will find out what she says.
The CPAs in your network group may be interested in the fact that I have caught FTB overcharging taxpayers using 8 unlawful schemes: https://gwsandiego.net/blog/?p=611.
The TLDR is is there are two types of schemes: In one, they either temporarily embezzle or "misapply" estimated tax payments so that your account falsely appears underfunded, then charge you late penalties. In the other, they overcharge interest on the false penalties.
I thought I'd throw it out there in case any of your CPA friends complain about strange or inefficient procedures at FTB. There are reasons why the FTB does the things they do.
That's a good link, thanks.
Part of the reason I saw my accountant earlier this week is a couple of years ago, we got a letter from the FTB that it appeared we overpaid on our 2015 return. It was not an insignificant amount, well into the 5 figures. Long story, but basically, we had sold a property that year, and the circumstances were such that we felt it safer to pay. I didn't think about it until we got the letter. We had to go back and get information from the title company, which was not easy, but we managed to track it down, and about a year ago, we filed the amended return as instructed.
A couple of weeks ago, I got a letter from the FTB that the statute of limitations has expired. I knew I would be seeing my accountant, so I brought it with me. When he asked if I got the money from the amended return, I handed him the letter and mentioned that I don't think they have any intention of paying it. He looked at the letter, then looked up at me and said "this is BS; they are stealing your money." He went on to say how upside down it is that they have 10 years to go back and look for your mistakes, but you only have three years to look for theirs.
If he manages to get this, I don't expect any interest to be paid, although it should. Even life insurance pays interest on claims. It might be $100, but it is paid.
That is a typical FTB ploy. They told you after the statute of limitations had already expired so that they could steal your money (I think it is four years, but he may be right that it is 3). That lack of timely disclosure is accounting fraud and there is no statute of limitations on fraud. Good luck. If he doesn't get anywhere, PM me and I will give you the contact information for the Taxpayer Advocate and the Board Members so you can complain to the top about being scammed.
The other thing FTB typically does is if they receive less money that they believe is owed for a tax year, they wait until the statute of limitations is almost up to notify you that you underpaid (Again, I think it is four years, but I could be wrong). Then they hit you with four years worth of penalties, interest and fees. The total can be massive. In my case they received more than enough, but they "misapplied" the payments and penalized me for their mistakes!
I believe they have 11 years to audit you, not only 10.
Thanks!