IRS extends tax deadlines for Israel terror attack victims.
The IRS Offers Tax Relief Program for Victims of Terror Attacks in Israel
The Internal Revenue Service (IRS) has introduced a taxpayer relief program to assist individuals and businesses affected by terror attacks in Israel. In an effort to provide support, the IRS has postponed tax deadlines until October of next year.
Individuals and businesses impacted by the conflict can now delay tax deadlines for one year, starting from October 7th. This means that taxes due from October 7th, 2023, will only need to be paid off by October 7th, 2024. To qualify for this relief, individuals must have a principal residence or business entity in the “covered area,” which includes Israel, the West Bank, or Gaza.
Sole proprietors with their principal place of business in this region are also eligible for the tax relief. The program extends to “any individual, business or sole proprietor, or estate, or trust whose books, records, or tax preparer is located in the covered area.”
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Individuals who were killed, injured, or taken hostage due to the terrorist attacks, as well as those affiliated with recognized government or philanthropic organizations assisting in the covered area, can also qualify for the tax relief.
The IRS automatically identifies eligible taxpayers based on previously filed returns and applies the relief accordingly.
According to a notice posted by the IRS, the relief program covers various tax types, including income tax, estate tax, gift tax, generation-skipping transfer tax, excise tax (excluding firearms tax), harbor maintenance tax, and employment tax.
Individuals contributing to a qualified retirement plan and filing a claim for credit or refund of any tax can also benefit from the one-year extension.
Furthermore, certain government acts originally scheduled between October 7th, 2023, and October 7th, 2024, are now postponed until October 7th of the following year. These acts include tax assessment, tax collection by the IRS, and notice for tax payment.
Individuals and calendar-year corporations with a valid extension to file their 2022 returns, which would have expired on October 16th this year, now have additional time to complete their filing. However, it is important to note that taxes must still be paid on time.
Individuals and businesses with 2023 returns and payments typically due on March 15th and April 14th, 2024, will also have more time to file and pay.
Quarterly estimated income tax payments due on January 16th, April 15th, June 17th, and September 16th, 2024, as well as quarterly payroll and excise tax returns due on October 31st, 2023, and January 31st, April 30th, and July 31st, 2024, can be postponed until October 7th of the following year.
To obtain tax relief, qualified individuals can contact the IRS disaster hotline at 866-562-5227. International callers may reach out to 267-941-1000.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS for the postponement period, the taxpayer should call the number on the notice to have the penalty abated.
US Aid to Israel, Hostage Situation
The tax relief program is one of several measures taken by the United States to support those affected by the ongoing conflict in Israel. Bipartisan legislation has been introduced in Congress to allocate $2 billion for Israel’s Iron Dome system, which helps defend against missile attacks from Gaza.
The United States has deployed the USS Gerald R. Ford Carrier Strike Group to the eastern Mediterranean Sea, closer to Israel’s shoreline. Additionally, the Air Force has sent additional fighter aircraft squadrons to bases in the region.
The Defense Department is replenishing Israel’s stock of Iron Dome missile interceptors and providing additional supplies to the Israel Defense Forces.
The recent attack on Israel by Hamas has resulted in over 1,300 deaths, including 22 soldiers. More than 3,000 people have been injured.
In response, the Israeli Defense Forces have eliminated 1,500 Hamas terrorists, while over 6,600 people have been injured in Gaza.
Several Americans are believed to have been kidnapped by Hamas terrorists during the attack. The U.S. government currently has no plans to send troops into the conflict but may rely on Israeli forces for hostage recovery.
The U.S. State Department has raised its travel advisory to Israel to “Level 3,” urging Americans to reconsider travel due to the ongoing threat of terrorist attacks.
What is the purpose of the IRS tax relief program for victims of terror attacks in Israel and how does it provide support to affected individuals and businesses
Poned tax deadline, they should contact the IRS to have the penalty abated. However, interest will still accrue on any unpaid taxes from the original due date until the payment is made.
The tax relief program for victims of terror attacks in Israel is a significant step in providing support to those affected by these tragic events. By postponing tax deadlines, individuals and businesses in the covered area can have more time to recover and rebuild their lives without the added pressure of immediate tax obligations.
It is important for eligible taxpayers to be aware of this relief program and take advantage of the extended deadlines. By contacting the IRS and providing the necessary information, taxpayers can ensure that they receive the relief they are entitled to. This program not only provides financial relief but also acknowledges the hardships faced by individuals and businesses impacted by terror attacks.
Additionally, it is crucial for taxpayers to remember that while deadlines may be postponed, taxes must still be paid. Interest will continue to accrue on any unpaid taxes from the original due date, so it is in the best interest of taxpayers to make their payments as soon as possible.
The IRS has always been committed to providing assistance to taxpayers in times of crisis, and the tax relief program for victims of terror attacks in Israel is a testament to this commitment. By offering relief and support, the IRS is playing a vital role in helping individuals and businesses affected by terror attacks rebuild their lives and recover financially.
If you or someone you know has been affected by a terror attack in Israel and may be eligible for this tax relief program, do not hesitate to contact the IRS. The disaster hotline is available at 866-562-5227 for domestic callers and 267-941-1000 for international callers.
In times of tragedy, it is important for communities and governments to come together to provide support and assistance. The IRS tax relief program for victims of terror attacks in Israel is a valuable resource that can help alleviate financial burdens and provide much-needed relief to those affected. With the extended tax deadlines, impacted individuals and businesses can focus on healing and rebuilding without the added stress of immediate tax obligations.
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