Tax and financial advice from the Silicon Valley expert.

Tax tips and developments relating to individuals

California FTB follows IRS with November 16 due date as California storm relief

The California Franchise Tax Board announced the evening of October 16, 2023 it is following the IRS by adopting a November 16, 2023 due date for 2022 income tax returns and payments for taxpayers who previously qualified for the October 16, 2023 due date. The relief applies to 55 of 58 California counties.

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At the last minute, IRS further extends 2022 filing and payment date for California storm victims

For residents of 55 of California's 58 counties that previously qualified for extended filing relief, the IRS has announced TODAY the tax-filing and tax-payment deadline has been further extended to November 16, 2023.

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Roth requirement for 401(k) catch-up contributions postponed

The IRS has announced a two-year administrative transition period for catch-up contributions to a qualified retirement plan (including a Section 401(k) plan) by highly compensated employees, permitting them to continue to be made on a pre-tax basis for taxable years beginning before January 1, 2026.

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Age 72 during 2023? You might get an extra IRA rollover

If you received a scheduled required minimum distribution from an IRA because you reached age 72 this year, the IRS just gave you a "mulligan". (This relief also applies for a surviving spouse.) The IRS has announced you may roll the distribution back to the account no later than September 30, 2023.

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Federal tax return due date further extended for certain disaster area taxpayers

The IRS announced on February 24, 2023 the filing due date for 2022 federal income tax returns and certain payments of taxpayers in certain disaster areas has been further extended from May 15, 2023 to October 16, 2023. (IR-2023-33.)

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Tax and financial advice from the Silicon Valley expert.