California Special Extension Notice

This email applies only to California residents and businesses, except for those residing in the following counties:

Imperial, Kern, Lassen, Modoc, Plumas, Shasta and Sierra.

Dear Clients:

As many of you are probably now aware, most of California has been deemed a disaster zone because of the recent storms, except for those counties listed above. Due to this declaration the IRS and CA Franchise Tax Board have extended the filing of tax returns until October 16, 2023. Also extended to October 16^th are payments for 2022 tax liabilities, 2023 estimated tax payments, and PTE Elective tax payments.

The official announcement by the Office of Governor Gavin Newsom can be read by following the link below. The payment and filing relief portion of the announcement is included here:

https://www.gov.ca.gov/2023/03/02/more-time-to-file-state-taxes-for-californians-impacted-by-december-and-january-winter-storms/

Source: Office of Governor Gavin Newsom, www.gov.ca.gov, updated as of March 2, 2023

This extension brings a measure of relief as it is very comprehensive. However, as a wise man once said, “Every solution to a problem creates another problem needing a solution”.

We cannot guarantee that the taxing agencies will be able to accurately differentiate between covered counties and non-covered counties when it comes to payment application and penalty calculations. Our recommendation, as such, is to follow all payment schedules as usual.

If you have any questions as they relate to this announcement please do not hesitate to reach out to us.

Sincerely,

Team Reason

Disclosure

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any company names noted herein are for educational purposes only.

All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards.

Investing in securities in emerging markets involves special risks due to specific factors such as increased volatility, currency fluctuations and differences in auditing and other financial standards. Securities in emerging markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.

An index is a statistical measure of change in an economy or a securities market. In the case of financial markets, an index is an imaginary portfolio of securities representing a particular market or a portion of it. Each index has its own calculation methodology and is usually expressed in terms of a change from a base value. Thus, the percentage change is more important than the actual numeric value. An investment cannot be made directly into an index.

Investing in fixed income securities involves credit and interest rate risk. When interest rates rise, bond prices generally fall. Investing in commodities may involve greater volatility and is not suitable for all investors. Investing in a non-diversified fund that concentrates holdings into fewer securities or industries involves greater risk than investing in a more diversified fund. The equity securities of small companies may not be traded as often as equity securities of large companies so they may be difficult or impossible to sell. Neither diversification nor asset allocation assure a profit or protect against a loss in declining markets. Past performance is not an indicator of future results.

Financial Planning offered through Reason Financial, a state Registered Investment Advisor. Investment advice offered through Merit Financial Group, LLC an SEC Registered Investment Advisor. Merit Financial Group and Reason Financial are separate entities. Tax related services offered through Reason Tax Group. Reason Tax Group is a separate legal entity and not affiliated with Merit Financial Group, LLC. Sean P. Storck CA Insurance Lic#OF25995 and Steven W. Pollock CA Insurance Lic#OE98073

California Special Extension Notice

Disclosure

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