Tax News
IRS Tax Filing Relief
Internal Revenue Service announced on Feb 24, 2023: May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia.
California Confirms to IRS Tax Filing Relief
California announced on March 2, 2023, to Confirm to IRS tax filing relief. Affected counties are listed in the announcement.
California Inflation Relief
California Inflation Relief rebate is also called California Middle Class Tax Refund (MCTR). If you receive (MCTR) of $600 or more, you will receive a 1099-MISC for this payment. However, the MCTR payment is not taxable for California state income tax purposes. You do not need to claim the payment as income on your California income tax return.
IRS will not challenge State Relief Fund
The IRS delivered guidance on state tax payments on February 10, 2023, stating that Californians do not need to report the MCTR payments on their 2022 tax return, and that the IRS will not challenge the taxability of these payments for the 2022 tax year.