Important: Filing for Tax Extensions Before Original Due Dates

As we approach the tax season, I want to ensure that you’re fully informed about the strategies we’re implementing to manage your tax filings effectively, especially considering the recent storms and flooding in January in San Diego County.

Given the IRS’s extension due to the storms and flooding in San Diego County, San Diego County taxpayers have been granted an extended filing due date of June 17, 2024, for their 2023 federal income tax returns along with the payment dues listed below.  While this extension provides some leeway, we want to take a proactive approach to ensure your tax matters are handled smoothly and without any potential issues.

• Individual income tax returns and payments normally due on April 15, 2024.
• 2023 contributions to IRAs and health savings accounts for eligible taxpayers.
• 2024 estimated tax payments normally due on April 15, 2024.
• Quarterly payroll and excise tax returns normally due on Jan. 31 and April 30, 2024.
• Calendar-year partnership and S corporation returns normally due on March 15, 2024.
• Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024.
• Calendar-year tax-exempt organization returns normally due on May 15, 2024.
• Also, penalties for failing to make payroll and excise tax deposits due on or after Jan. 21, 2024, and before Feb. 5, 2024, will be abated as long as the deposits were made by Feb. 5, 2024.

Who is affected?

This extended due date applies to taxpayers who have their address in San Diego County. However, it is possible an affected taxpayer may not have an IRS address of record located in the disaster area, for example, because they moved to the disaster area after filing their return. In these kinds of unique circumstances, the affected taxpayer could receive a late filing or late payment penalty notice from the IRS for the postponement period. The taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Filing Extensions by the Original Due Dates:

To provide you with the utmost certainty and to avoid any unnecessary complications, we are planning to file extensions by the original due dates for your tax returns. This approach guarantees that your extended filing date will be either September 15, 2024, or October 15, 2024, depending on your entity type and personal return requirements.

Why We’re Taking This Step:

Relying solely on the extended due date of June 17, 2024, poses a risk. Should there be a need to seek an extension beyond this date and it is not filed by March 15, 2024 or April 15, 2024, most of the cases, we would be required to file the extension request on paper. This not only introduces potential delays but also additional hassle for both you and our team.

The most prudent action is to file electronically by the original due dates to ensure a hassle-free process. This preemptive measure avoids the complexities of paper filing and ensures everything is in order for your 2023 tax filings.

Reminder About Extensions and Payments:

It’s important to remember that while an extension grants additional time to file, it does not extend the time to pay any taxes owed. The IRS urges those who need an extension beyond the initial extended due date to request it electronically by March 15, 2024, and April 15, 2024, to avoid needing paper filing. Please note that any payments due are still required by June 17, 2024. For more information, you can visit www.IRS.gov/extensions.

Our team is here to assist you through this process and to ensure that your tax filing experience is as smooth and efficient as possible. Our team has been sending the extension reminder along with any payment vouchers if required. We believe that taking these steps now will provide you with peace of mind and a clear path forward in managing your tax obligations.

Should you have any questions or require further clarification, please do not hesitate to reach out. Your peace of mind and financial well-being are our top priorities, and we are here to support you every step of the way.