Tax
Oct. 20, 2023
Is this week’s IRS extension a double mulligan?
Apart from the tax filing and payment delays, there are other tax benefits too. Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2023 return normally filed next year), or the return for the prior year (2022).
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Tax Day is traditionally April 15, although many of us go on extension and file in October. Of course, the usual automatic extension does not delay your payment obligation, which is still due by April 15. But early in 2023, just as people were starting to think about their 2022 tax returns, both the IRS and California Franchise Tax Board gave Californians until Oct. 16 because of severe winter storms that occurred early in 2023. Most Californians loved that delay.
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