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.
Rules that limit the deduction of losses from passive activities to income from other passive activities. Passive activities include investment rental operations or businesses in which you do not materially participate.