The IRS has provided substantial tax relief in response to Hamas’ recent terrorist attack on October 7, 2023, affecting individuals and businesses in Israel.
This move aims to support those struggling to meet tax filing and payment deadlines due to the unforeseen circumstances resulting from the attack.
IRS Tax Filing and Payment Extension
Taxpayers who have been impacted by the Hamas attack will now have a one-year postponement period from the date of the attack, extending to October 7, 2024. During this period, affected individuals and businesses will have until this date to file their tax returns and make any payments that were originally due.
To ease the process, the IRS will automatically identify and apply tax relief to taxpayers residing or conducting business in the affected areas based on their previously filed returns. Additionally, eligible taxpayers can obtain relief by contacting the IRS disaster hotline at 866-562-5227, or international callers can reach out at 267-941-1000.
If a taxpayer qualifies for relief but receives a late filing or late payment penalty notice during the postponement period, they are advised to call the provided number on the notice to have the penalty abated.
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Extending Deadlines for 2023 Tax Obligations
Furthermore, this tax relief encompasses various tax payments and filings, including 2023 individual and business returns and payments usually due on March 15 and April 15, 2024, as well as quarterly estimated income tax payments due on Jan. 16, April 15, June 17, and Sept. 16, 2024.
In addition, this relief covers quarterly estimated payroll and excise tax returns due on Oct. 31, 2023, and Jan. 31, April 30, and July 31, 2024, and calendar-year tax-exempt organizations whose extensions run out on Nov. 15, 2023. It also encompasses retirement plan contributions, rollovers, and penalties for failure to make payroll and excise tax deposits.
The penalty will be waived if payments are submitted by November 6, 2023, allowing for an exemption from the fee.
This tax relief aims to provide individuals and businesses the necessary time and flexibility to manage their tax obligations in the aftermath of the unfortunate attack, offering a helping hand during this difficult period.
Read more: Israel Confirms Elimination Of Hamas Commanders Behind Surprise Terror Attack
