Los Angeles, Orange County, Riverside and Santa Barbara Residents and Businesses Can Delay Many Tax Payments until February 11, 2009
The federal government has declared Los Angeles, Orange, Riverside and Santa Barbara counties federally-declared disaster areas qualifying for individual assistance. Anyone who resides in any of these counties or whose business is in any of these counties may claim the tax benefits under this declaration. Furthermore, if the taxpayer's records are located in one of the designated counties, or, in theory, their CPA is located there, these deferral rules may apply.
The IRS has announced a delay until February 11, 2009, for tax return filing, tax payments, and certain other time-sensitive acts otherwise due between Nov. 13, 2008, and Feb. 11, 2009. Therefore 4th quarter personal and business income and payroll tax payments normally due in December and January can be deferred until February 11th.
Due to the tough economic times and tight credit markets, the ability to defer these tax payments can offer significant cash flow advantages.
Note: Most individual taxpayers and "cash basis" businesses will still want to pre-pay their California taxes by December 31st in order to secure a 2008 federal deduction.
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