Current Advocacy Issues
What's going on in Advocacy?
DISASTER RELIEF is creating confusion with the numerous releases from IRS and FTB. Here is a quick reference for all we know. DISASTER RELIEF Updated 3/8/2023 (now includes Kern, Lassen and Plumas counties under IRS CA-2023-01).
Per IRS, no interest will be charged on payments made by the extended due date of October 16, 2023. See more information here: IRS Interest and Pension Information Thank you to Jane Ryder, EA, CPA for this great information!
Affected or Not?
Still confused about disaster tax relief, extensions, payments? Who is affected? The extension to October 16, 2023 for filing and making payments applies to individuals and businesses in the counties identified by the FTB on its website at: Emergency tax relief. If a taxpayer lives or has a business in one of the 51 counties identified, they are eligible for the extension to file and pay. These folks are generally referred to as “affected taxpayers.”
Taxpayers who were directly impacted by the storms, and had damage as a result, are also considered affected, however the difference is these affected taxpayers may be able to claim disaster losses. The FTB website has a list of disasters with disaster codes to use when claiming a disaster loss. The FTB TPA expects that table to be updated to include Tuolumne County with a disaster code of 141.
As always, check the FTB website for updates on this information.