In a move aimed at assisting individuals and businesses affected by the recent terrorist attacks in Israel, the Internal Revenue Service has introduced significant tax relief measures. If you are grappling with the aftermath of these attacks, you now have until October 7, 2024, to fulfill various federal tax obligations.
This relief was outlined in Notice 2023-71PDF, recently posted on IRS.gov, underscoring the agency’s commitment to aiding taxpayers during times of hardship.
The tax relief measures announced by the IRS involve the postponement of several tax filing and payment deadlines that fall within the period from October 7, 2023, through October 7, 2024, known as the postponement period. This extension grants affected individuals and businesses additional time to file returns and pay taxes that were initially due during this timeframe.
Key aspects of this relief include:
- Individuals on Extension.
- Calendar-Year Corporations.
- 2023 Returns and Payments
- Quarterly Payroll and Excise Tax Returns.
- Tax-Exempt Organizations.
- Retirement Plan Contributions and Rollovers
In addition to extending deadlines, the IRS decided to abate the penalty for failure to make payroll and excise tax deposits. This abatement applies to deposits due on or after October 7, 2023, and before November 6, 2023, as long as the deposits were made by November 6, 2023.
The tax relief is available to the following groups:
- Affected Individuals and Businesses
- Entities with Ties to the Covered Area.
- Victims of the Terrorist Attacks
- Aid Workers
The IRS automatically identifies taxpayers whose principal residence or principal place of business is in the covered area based on prior tax filings and grants them relief. If you are an eligible taxpayer but not easily identified by the IRS, you can request relief by contacting the IRS disaster hotline at 866-562-5227. International callers may reach out at 267-941-1000.
If you are eligible for this relief and receive a late filing or late payment penalty notice from the IRS for the postponement period, contact the number indicated on the notice to have the penalty abated.
The tax relief measures introduced by the IRS demonstrate the agency’s commitment to supporting taxpayers affected by the recent terrorist attacks in Israel. By extending filing and payment deadlines and providing penalty abatements, the IRS aims to ease the financial burden on those facing the aftermath of these tragic events.
