IRS announces additional California deadline extension
Announcement comes on "tax day," date when taxes were supposed to be due
The IRS announced today, October 16, that today’s IRS deadline extension has been extended further to November 16. For the IRS announcement see here: https://www.irs.gov/newsroom/for-california-storm-victims-irs-postpones-tax-filing-and-tax-payment-deadline-to-nov-16
Taxpayers should follow the Franchise Tax Board’s official channels (including ftb.ca.gov) for official state-level information.
How will this affect October state tax collections, originally due today? It seemingly could result in some projected October receipts now being delayed to November.
California’s state cash resources remain ample and can handle any added delay to November.
Some taxpayers, including some very high-income taxpayers and some large companies, will now have the opportunity to not pay California-related income taxes to the federal government or, if FTB conforms, the state for an unprecedented ten months from January to November 2023.