Due to the recent storm related disasters in San Diego County, the IRS and FTB have extended the filing AND payment deadlines for all taxpayers. This news is very similar to what happened last year.
Individual, Business, Trust, and Non-Profit taxpayers now have until June 17, 2024 to file their 2023 tax returns. This extended due date also covers 2023 balance due tax payments and 1st Quarter 2024 estimated tax payments.
What should you do? I recommend that you file sooner than later especially if you have not been directly impacted by rains, flooding, disruptions, etc. Here’s why you should not delay in filing your taxes. First, the taxing authorities will be completely overwhelmed with the extended deadline and as a result can, and likely, send out INCORRECT notices for late filing, then two to three weeks later, send out an apology letter stating “forget everything I said, our bad”. Who want’s a love letter from the IRS??? Second, for taxpayers that normally pay estimated tax, that postponement now adds financial pressure to coming up with not only a balance due for 2023, but also the 1Q 2024 payment (which is also normally due on April 15), and the 2Q 2024 payment which is still due by June 15.
Need help? Please call me; let me help you make sense out of the confusion. Anthony W. Imbimbo, CPA 619-497-1040