In the wake of the Hurricane Ian, the FICPA Governmental Affairs Team has spent the last week working around the clock to secure much-needed relief for our members and their clients.
In our Oct. 7 edition of Advocacy Update, you'll find:
- A complimentary replay of our Hurricane Ian disaster relief webinar
- Information on DOR, IRS, FinCEN and California FTB due date extensions
- Links to donate to Hurricane Ian recovery funds
- And a second webinar replay previewing the 2022 General Election
Complimentary replay: Hurricane Ian disaster relief webinar
Yesterday, the FICPA presented an exclusive, members-only webinar with key information on Hurricane Ian disaster recovery. The webinar detailed all matters related to Hurricane Ian and our state's ongoing efforts to recover from the storm.
Hosted by nationally renowned disaster expert Jerry Schreiber, this session addressed tax-filing deadlines, relevant legislation and more.
Please watch the webinar to ensure you have the most up-to-date information for yourself and your clients.
Click the button below to watch the full replay.
DOR announces corporate income tax due date extension
On Tuesday, FICPA President & CEO Shelly Weir submitted a formal request to Florida Department of Revenue (DOR) Executive Director Jim Zingale asking for any and all tax relief that may be available from the Department.
On Wednesday, Executive Director Zingale announced extended due dates for corporate income tax filers impacted by Hurricane Ian following the recent declaration from the Internal Revenue Service (IRS). Eligible taxpayers who file Florida corporate income tax returns, as well as Florida corporate income tax installment payments, with original due dates or extended due dates falling on or after Sept. 23, 2022 and before March 2, 2023 will now have a due date of March 2, 2023. This tax relief is applicable to affected businesses anywhere in Florida.
Additional information is available on the Tax Relief for Victims of Hurricane Ian webpage on IRS.gov. Taxpayers outside Florida who require assistance with corporate tax filing may contact the Department's taxpayer services at (850) 488-6800 or GTAHurricaneHelp@floridarevenue.com.
“Hurricane Ian was an historically catastrophic storm, and the total impact is yet to be determined. The Department of Revenue is ready to assist business owners in the affected areas as they deal with the damages and begin to recover,” said Director Zingale.
For more information about state and federal resources post-Hurricane Ian, visit DOR’s website.
FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters
On Monday, the FICPA sent a letter to the Acting Director of the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requesting relief from the Oct. 15 Report of Foreign Bank and Financial Accounts (FBAR) filing deadline.
Yesterday, FinCEN issued a notice extending the filing date of FBARs for victims of recent natural disasters, including Hurricane Ian.
Victims of recent natural disasters will have until Feb. 15, 2023 to file FBARs for the 2021 calendar year. FinCEN is offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance.
Should FEMA designate other localities affected by these natural disasters as eligible for individual assistance at a later date, FBAR filers in those additional localities will receive the same filing relief automatically.
IRS relief includes Form 5500 series extension
On Thursday, the FICPA received confirmation from the Department of Labor that IRS relief includes Form 5500 series returns. Returns that were required to be filed on or after Sept. 15, 2022 and before Feb. 15, 2023 are postponed through Feb. 15, 2023.
You may find additional guidance at the links below:
- Employee Benefits Security Administration: Disaster Relief Information for Employers and Advisers
- Internal Revenue Service: Help for victims of Hurricane Ian
California grants tax relief for Hurricane Ian victims
The Franchise Tax Board (FTB) on Wednesday announced special state tax relief for taxpayers and businesses affected by Hurricane Ian.
Taxpayers and businesses in presidentially declared disaster areas are granted an extension to Feb. 15, 2023, to file California tax returns on 2021 income and make any tax payments that would have been due between Sept. 23, 2022, and Feb. 15, 2023.
“This offers relief to taxpayers who were victims of Hurricane Ian and have a California filing requirement,” said State Controller and FTB Chair Betty T. Yee. “For some, this will mean several additional months to file their California tax returns or make their quarterly estimated tax payment to the state.”
The relief means those affected taxpayers who would have had an Oct. 17, 2022, tax filing deadline now have until Feb. 15, 2023 to file. However, tax year 2021 tax payments originally due on April 18, 2022, are not eligible for the extension.
Hurricane Ian relief funds
Complimentary Replay: 2022 General Election webinar
On Thursday, the FICPA presented an exclusive, members-only webinar with key information about the 2022 General Election.
During the General Election webinar, FICPA Chief External Affairs Officer Justin Thames and Liberty Partners of Tallahassee President Jennifer Green briefed participants on the upcoming election. They discussed:
- How the Florida CPA/PAC works and why it matters in the November elections
- Statewide polling data
- The 2022 ballot and key races for the CPA profession
- Information about Florida CPA/PAC-supported candidates
- How FICPA members can become involved
Click the button below to watch the full replay.
(Please note: You must be logged in to access this members-only page.)
Contribute
During the 2022 Legislative Session, the state of Florida underwent reapportionment, or redistricting. Additionally, all 120 Florida House and 40 Senate seats – as well as the entire Cabinet – are on the November ballot. The district changes, along with the election outcomes, can impact the laws and regulations governing the CPA profession throughout the state.
Now is the time to do your part. The Florida CPA/PAC needs your help to continue making an impact on behalf of the CPA profession. Your generous contributions make the work of the Florida CPA/PAC possible.
Please note: Contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others.
