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Tax and financial planning news from around the web: April 7 – 11, 2025
Written on Apr 11, 2025
The IRS said individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are due on May 1, 2025. Taxpayers in three additional states face fall deadlines.
If a taxpayer is in dire need, the taxpayer may choose to take a “hardship distribution” from a qualified retirement plan. However, as shown in a new case, this doesn’t absolve any tax liability.
As the expiration of key Tax Cuts and Jobs Act provisions loom, tax pros are preparing for what could be another period of upheaval.