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

Forum|Forum|3 years ago
March 3, 2023
3 replies
34 views

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

ProSeries Professional

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Skylane

Intuit Community Champion

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

If at first you don’t succeed…..find a workaround

rbynaker

Level 13

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

Level 15

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-ga-now-october-16/00/248461

The more I know the more I don’t know.

Just-Lisa-Now-

Author

Intuit Community Champion

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!!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

rbynaker

Level 13

@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!!

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).