California preparers in "disaster areas" they extended us until October 16th to file/pay ...gonna be a long summer

[Just-Lisa-Now-]

Looks like it happened last week, I dunno how I missed that announcement! 

[Skylane]

Think of all the extensions you don’t have to file…. Take your laptop to the beach

[rbynaker]

People smarter than me on other lists are saying that the disaster provisions have limitations on what "acts" get extended and they do not include certain elections that must be made on a timely filed return.

I would file extensions anyway.

[sjrcpa]

Lisa - I'm hurt that you didn't read my post. 😢  😉

https://proconnect.intuit.com/community/tax-talk/discussion/california-extended-due-date-and-al-and-...

[Just-Lisa-Now-]

I dunno how I missed it everywhere until today! 

I got a client that got a settlement from the CA wildfires, to the tune of over $2M, theyve got a fed balance  due of over 700k but all their money is locked up in CDs that dont mature until late May, they were freaking out, this totally saves them from either failure to pay penalty or early withdrawal penalty for cashing the CDs early!! 

[rbynaker]

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@Just-Lisa-Now- wrote:

I dunno how I missed it everywhere until today! 

I got a client that got a settlement from the CA wildfires, to the tune of over $2M, theyve got a fed balance  due of over 700k but all their money is locked up in CDs that dont mature until late May, they were freaking out, this totally saves them from either failure to pay penalty or early withdrawal penalty for cashing the CDs early!! 

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Is it taxable?  Or does it restore them to "whole" after the casualty loss?  There's a time period they have to rebuild.

Not my area of expertise but I know someone on another forum is planning on excluding a similar $900K payment under IRC 139.  No idea how similar your circumstances may be (but he's also in CA).

[Just-Lisa-Now-]

Insurance made them whole and then some, this was all gravy.  I went through the list of ways we could reduce it, none applied.

[HOPE2]

Hi Liza, you meant CALIFORNIA PREPARERS CAN FILE AND PAY UNTIL OCT. FILE AND PAY EXTENDED TO OCT, NO PENALTY TO FILE, NO PENALTY TO PAY EVEN?!! 

THEY DO NOT EVEN FILE EXTENTION. THIS MEAN APRIL 18 HAS CHANGED TO  OCT 16 AS DUE DATE??

[Just-Lisa-Now-]

Yes.   All counties except for Modoc, Lassen and Shasta (I think) have been extended.

https://www.gov.ca.gov/2023/03/02/more-time-to-file-state-taxes-for-californians-impacted-by-decembe...

https://www.irs.gov/newsroom/irs-may-15-tax-deadline-extended-to-oct-16-for-disaster-area-taxpayers-...

[abctax55]

deleted....

I sure so wish there was a way to systematically ignore some posters.

[HOPE2]

THEY DO NOT NEED FILE EXTENTION BY US, AUTOMATICALLY EXTENDED?

[abctax55]

@HOPE2   Did you bother to go to the links provided & read what they had to say?

ARE you a CA preparer?

[HOPE2]

THANKS, I HAVE A PROBLEM WITH " EXTENTION" WORD. I READ THE LINK. JUST WANTED TO KNOW, I DO NOT NEED FILE EXTENTION FOR THEM OR I SHOULD FILE EXTENTION FOR THEM THEN THEY HAVE TIME TO PAY. ALSO, I FILED FOR MANY AND THEY HAVE OWED AND I SET UP THE DATE TO WITHDRAW.

[abctax55]

And all of that is info is provided in the links.  Read them, interpret them.  

[sjrcpa]

And HOPE, could you stop SHOUTING?

[HOPE2]

LISA, COULD YOU PLEASE HELP ME TO BETTER UNDERSATND. IT MADE A DUMB. sorry for this question.

[abctax55]

Hope:

ARE you a CA preparer - you ignored my question. If you are, you really need to subscribe to Spidell services as they are the premier source of CA info.

AND could you please explain why you refuse to lose the all Caps typing method?

It has been explained, numerous times, that you are being rude.

And I have no desire to assist rude folks.

Good luck the next two weeks

[Just-Lisa-Now-]

Im not sure what you need help understanding.....people that live in CA in any county except for Lassen, Modoc, or Shasta (last I saw these 3 counties were still left out of the extension), have been given an automatic extension until October 16th to file and pay.....even the first 3 quarters of estimated payments arent due until October 16th.

[HOPE2]

Thanks a lot. I do not know how to appreciate all your help. My caps keyboard is always on while I am working on Proseries and forget to off when come in here, sorry for this forgetfulness. Again, thanks for your help and your patience.

[qbteachmt]

@HOPE2 

You can also subscribe selectively to every Fed list that is for an area you work in, such as tax prep, payroll, retirement plans, local State and Fed governmental entities, etc, here:

https://www.irs.gov/newsroom/e-news-subscriptions

And all of these notifications come to your inbox as soon as they are released. You don't need to rely on discovering them on the web. Let them come to you directly.

[abctax55]

@HOPE2 

Just for you - a free youtube webinar on the Ca Disaster Relief:

https://www.youtube.com/watch?v=2kwJwG_rW4c

[abctax55]

And an 8 page white paper too:

https://drive.google.com/file/d/1NOoouIqDQk_88ymjgB-DGnSNrjIDRQxh/view?_hsmi=252935711&_hsenc=p2ANqt...