IRS provides tax relief for victims of severe winter storms, flooding, landslides and mudslides in California

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IRS provides tax relief for victims of severe winter storms, flooding, landslides and mudslides in California

Victims of severe winter storms, flooding, landslides and mudslides in California beginning March 9, 2023, now have until Oct. 16, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe winter storms, flooding, landslides and mudslides that reside or have a business in these 42 counties qualify for tax relief. Alpine Fresno Lake Mono Plumas San Mateo Sonoma Amador Glenn Los Angeles Monterey Sacramento San Luis Obisco Stanislas Butte Humboldt Madera Napa San Benito Santa Barbara  Trinity  Calaveras Imperial Mariposa Nevada San Bernardino Santa Clara Tulare  Del Norte Inyo Kern Mendocino Orange San Francisco Santa Cruz Tuolumne  El Dorado Kings Merced Placer San Joaquin Sierra Yuba Counties   The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 9, 2023, and before Oct. 16, 2023, are granted additional time to file through Oct. 16, 2023. As a result, affected individuals and businesses will have until Oct. 16 to file returns and pay any taxes that were originally due during this period. This includes 2022 individual income tax returns due on April 18, as well as various 2022 business returns normally due on March 15 and April 18. Among other things, this means that eligible taxpayers will have until Oct. 16 to make 2022 contributions to their IRAs and health savings accounts. The Oct. 16, 2023, deadline also applies to any payment normally due during this period, including quarterly estimated tax payments, quarterly payroll and excise tax returns. In addition, penalties on payroll and excise tax deposits due on or after March 9, 2023, and before March 24, 2023, will be abated as long as the tax deposits are made by March 24, 2023. Contact MKG Tax Consultants for a free extension filing  Office (559) 412-7248 https://mkgtaxconsultants.com/about-us/contact-us/ [https://mkgtaxconsultants.com/about-us/contact-us/]

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Silvergate Bank Collapse

A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank's solvency [https://www.investopedia.com/terms/s/solvency.asp]. As more people withdraw their funds, the probability of default increases, prompting more people to withdraw their deposits. In extreme cases, the bank's reserves may not be sufficient to cover the withdrawals. Silvergate Bank's quick demise through a self-liquidation is prompting a closer look at the many red flags that ensnared the California bank even before the collapse of cryptocurrency exchange FTX late last year forced a run on deposits. The state-chartered Silvergate's voluntary liquidation, announced Wednesday, will allow the La Jolla, Calif.,-based bank to wind down its operations, sell remaining assets and pay off its depositors. The process is being monitored by California's Department of Financial Protection and Innovation. Among the many lessons to be learned from Silvergate's collapse is that a liquidity crunch can quickly engulf a bank, particularly if management makes the wrong bet on interest rates, experts said. Silvergate's monoline business model was concentrated in the crypto industry, where the risks and correlated aftershocks were not fully understood. "They didn't think deposits would dissipate so quickly in an environment where the securities portfolio was deeply underwater," said Todd H. Baker, senior fellow at the Richman Center for Business, Law and Public Policy at Columbia Business School and Columbia Law School.  Silvergate's management "underestimated how much they were exposed in multiple ways to interest rate rises, and they probably underestimated how aggressive the regulators would be trying to essentially get a handle on their overall situation," Baker added.  Silvergate had an unusual business model, holding billions in zero-interest deposits from crypto exchanges. Both FTX and Alameda Research had accounts at Silvergate. It also operated the Silvergate Exchange Network cryptocurrency trading platform that served as a payments network for crypto companies to swap fiat currencies with each other. When the bank shut its network last week [https://www.reuters.com/markets/currencies/silvergate-suspends-crypto-payments-network-shares-fall-after-hours-2023-03-04/], crypto depositors fled en masse. The deposit and industry concentration, interest rate squeeze and lack of any other meaningful business were self-inflicted wounds.