February 28, 2023 8:39 pm

Tax Deadline Extended, Again, for Certain Disaster Victims

The IRS has announced that disaster-area taxpayers in most of California and parts of Georgia and Alabama now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments (IR-2023-33). Earlier this year, the IRS had postponed the deadline to May 15.

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Tax Glossary

Lump-sum distribution

Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.

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