Welcome to Tax Season 2023
Tax Season 2023 officially begins on Monday, January 23, 2023 when the IRS will begin accepting and processing returns.
We hope that everyone in California is safe and recovering after the recent winter storms impacted communities across the state. Our hearts go out to those affected and as we remember the lives lost on the five-year anniversary of the tragedy in Montecito. We’re grateful to our first responders and officials who help us navigate these difficult times and hope that everyone continues to stay alert with impending rain on the way.
In light of recent events, the IRS and CA Franchise Tax Board recently announced filing extensions for California storm victims until May 15, 2023. The extension applies to all filing and payment deadlines that would typically occur between now and April 18, 2023. Taxpayers in 41 of the state’s 58 counties are granted extensions and more could be added should a federal emergency declaration be made.
While the delay in federal and state payment due dates is very welcome, BPW will continue to stay the course for the original April 18, 2023 tax filing deadline in order to keep consistent with traditional filing dates, optimal workflow, and quality of service that our clients are accustomed to.
We are happy to give special consideration to those clients who were severely impacted by the storms. And as always, you may elect to extend your individual 2022 returns until Monday, October 16, 2023 (passthrough entity returns can be extended through September 15, 2023).
KEY FILING AND PAYMENT DATES
Following is a list of BPW tax filing deadlines and payment extension deadlines for tax season 2023.
- Quarterly estimated tax payments normally due on January 17, 2023, and April 18, 2023 can be made on or before May 15, 2023
- IRA and health savings account (HSA) contributions extended to May 15, 2023
- Individual, C-corporations, Estate & Trust tax returns are due on April 18, 2023
- Partnership and S-corporation returns are due by March 15, 2023
- Quarterly payroll and excise tax returns are due Jan. 31, 2023 and April 30, 2023
In addition, penalties on payroll and excise tax deposits due on or after January 8, 2023, and before January 23, 2023, will be abated as long as the tax deposits are made by January 23, 2023.
We will keep you apprised of any ongoing federal and state changes when they become available.
RESERVE A MEETING TIME
We are looking forward to connecting with you as Tax Season 2023 officially begins on Monday, January 23, 2023 when the IRS will begin accepting and processing returns. We invite you to schedule a tax appointment with your advisor at your earliest convenience to accommodate for optimal planning and preparation experience. Please note your meeting preference via Zoom, phone call, or in-person meeting in your request.
SUBMIT YOUR TAX DOCUMENTS
New electronic organizers will be available for individual returns. These will be sent via email over the next few weeks. Should you receive an electronic organizer and prefer to use paper, please let us know, and we will accommodate your request.
For businesses and other tax filers, you may upload tax documents to the secure portal (link provided by your advisor). You can also mail or drop off tax documents at the reception desk during office hours. If it is before or after office hours, please place them in the outdoor drop box.
EXTENDED OFFICE HOURS
For added convenience, we’ve extended our hours of operation from 7:30am to 5:30pm Monday – Friday and 9:00am – 1:00pm on Saturdays, starting on Monday, January 23. You may call the office directly at (805) 963-7811 with any questions.
We look forward to meeting with you soon.