Tax Relief for Disaster Victims!

             The Franchise Tax Board (FTB) has announced state tax relief for individuals and businesses impacted by Hurricane Ian. This means that there is a postponement for required payments and an automatic extension given to file a return. The FTB automatically follows the Internal Revenue Service (IRS) lead when it comes to postponement periods for presidentially declared disasters.

          This means that for those who have been affected by the hurricane, the October 17 tax filing deadline has been moved to February 15, 2023. Taxpayers can also deduct a loss related to a disaster. Instructions must be closely followed in this process.

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