Notice to San Diego Small Business Owners: Revised Tax Filing and Payment Deadlines

To our valued small business owner clients in San Diego, staying informed about recent regulatory changes is paramount, especially following the severe January storms that impacted our community. We want to ensure you're aware of a crucial update concerning your tax obligations.

In response to the catastrophic events, and following directives from Governor Gavin Newsom, the California Governor's Office of Emergency Services, together with the California Franchise Tax Board (FTB) and the Internal Revenue Service (IRS), have officially extended the deadlines for both filing and paying taxes in San Diego County. This extension is a part of the relief efforts initiated after the Presidential Major Disaster Declaration due to the storms.

Updated Tax Filing Details

Revised Deadline: The new deadline to file and settle your tax payments is now June 17, 2024. This extension applies to various tax responsibilities originally due from January 21, 2024, through June 17, 2024.

Affected Parties Include:

• Individuals whose original tax filing and payment deadline was April 15, 2024.
• Quarterly estimated tax payments initially due on April 15, 2024.
• Businesses with tax dues originally set for March 15 and April 15.
• Pass-through entities (PTEs) that had voluntary tax payments due on March 15, 2024.
• Tax-exempt organizations with a standard deadline of May 15, 2024.
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Considerations and Next Steps

For those who have received penalties for late filings or payments during the affected period, consulting with the IRS or FTB regarding penalty relief is advisable.

Implications for Our Clients

This extension grants our clients—particularly those navigating job transitions or managing small businesses—additional time to stabilize their financial affairs without the immediate pressure of tax deadlines.

Preparatory Actions

As the new deadline approaches, we recommend consulting with a tax professional to ensure your tax forms are accurately and promptly completed. This period also offers a prime opportunity to reassess your financial goals and strategic plans for employment and business growth.

Available Resources

For more detailed guidance, please visit the California Franchise Tax Board and the IRS disaster relief web pages. These resources offer in-depth information about eligibility, further extensions, and how to apply for tax relief.

In conclusion, while the deadline extension provides some leeway, maintaining diligent financial management and strategic tax planning remains crucial. Our team is here to assist you with any queries or needs you might have during this period.