Taxpayers impacted by the terrorist attacks in Israel qualify for tax relief; Oct. 16 filing deadline, other dates postponed to Oct. 7, 2024

 WASHINGTON — The Internal Revenue Service today announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions.

In Notice 2023-71, posted today on IRS.gov, the IRS provided relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation, or may be unable to perform other time-sensitive tax-related actions. The IRS will continue to monitor events and may provide additional relief.

Filing and Payment Relief

Today’s notice postpones various tax filing and payment deadlines that occurred or will occur during the period from Oct. 7, 2023, through Oct. 7, 2024 (postponement period). As a result, affected individuals and businesses will have until Oct. 7, 2024, to file returns and pay any taxes that were originally due during this period. Among other things, this includes:

• Individuals who had a valid extension to file their 2022 return due to run out on Oct. 16, 2023. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. So, these individuals filing on extension have more time to file, but not to pay.
• Calendar-year corporations whose 2022 extensions run out on Oct. 16, 2023. Similarly, these corporations have more time to file, but not to pay.
• 2023 individual and business returns and payments normally due on March 15 and April 15, 2024. So, these individuals and businesses have both more time to file and more time to pay.
• Quarterly estimated income tax payments normally due on Jan. 16, April 15, June 17 and Sept. 16, 2024.
• Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, and Jan. 31, April 30 and July 31, 2024.
• Calendar-year tax-exempt organizations whose extensions run out on Nov. 15, 2023.
• Retirement plan contributions and rollovers.

Other tax-related deadlines are postponed as well. See Notice 2023-71 and Rev. Proc. 2018-58 for details.

In addition, the penalty for failure to make payroll and excise tax deposits due on or after Oct. 7, 2023 and before Nov. 6, 2023, will be abated as long as the deposits are made by Nov. 6, 2023.

Who Qualifies for Relief?

• Any individual whose principal residence or business entity or sole proprietor whose principal place of business is in Israel, the West Bank or Gaza (the covered area).
• Any individual, business or sole proprietor, or estate or trust whose books, records or tax preparer is located in the covered area.
• Anyone killed, injured, or taken hostage due to the terrorist attacks.
• Any individual affiliated with a recognized government or philanthropic organization and who is assisting in the covered area, such as a relief worker.

The IRS automatically identifies taxpayers whose principal residence or principal place of business is located in the covered area based on previously filed returns and applies relief. Other eligible taxpayers can obtain this relief by calling the IRS disaster hotline at 866-562-5227. Alternatively, international callers may call 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.

PREDICCIÓN FISCAL SOBRE HAMAS

 A medida que la situación en el Levante siga degradándose, la situación se extenderá de muchas maneras desafortunadas. Aunque nosotros, como empresa, no estamos preparados para tener una idea de la situación, algo que le informe cómo debería sentirse acerca de la situación, podemos hacer algunas predicciones sobre cómo esto afectará al mundo de manera material.

     Estados Unidos siempre ha apoyado a Israel en sus esfuerzos, para bien o para mal. Y a su vez, porque la mayoría de los países de Medio Oriente se han opuesto a Israel a nivel existencial y político. Lo más probable es que esto provoque un retroceso político y económico por parte de estos países. Además, países como Rusia y, por extensión, China, están motivados a unirse en aras de tener influencia política. Esto probablemente conducirá a un aumento en el precio de materias primas como el gas, a medida que los mayores exportadores intenten aplicar la fuerza a Estados Unidos. Además, probablemente veremos un crecimiento en la división de nuestra nación a medida que los políticos discutan sobre a qué lado apoyar. Naturalmente, esto provocará incertidumbre en el mercado, lo que llevará a que la gente sea conservadora en sus compras y a los inversores a "retirar dinero" mientras el valor de sus acciones pende de un hilo. Todo esto conduce a un futuro incierto en el que nadie estará completamente satisfecho con lo que sucede.

      Nuestros corazones están con aquellos que han sido extraviados y agraviados por sus sistemas de gobierno. Sólo esperamos lo mejor para los afectados, independientemente de lo desesperado que sea. Mientras tanto, continuaremos operando como siempre para nuestros clientes, incluso cuando salgamos de la seguridad de lo conocido.

Esperamos tus comentarios acerca de tus inquietudes o tu opinion, no dejes de hacerla...

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FISCAL PREDICTION ON HAMAS

    As the situation in the Levant continue to degrade, the situation is going to ripple out in many unfortunate ways. Although we as a company are not suited to have any insight on the situation, something to inform how you should feel about the situation, we can make some predictions on how this will affect the world in a material way. 

    The US has always been in support of Israel in its endeavors, for better or for worse.  And in turn, because most countries in the Middle East have opposed Israel on an existential and political level. Most likely, this will lead to political and economic push back from these countries. In addition, counties like Russia, and by extension China, are motivated to join in for the sake of political leverage. This will likely lead to an increase in the price of commodities such as gas, as the biggest exporters try to apply force to the USA. In addition, we will probably see a growth in the division of our nation as politicians argue about which side to support. Naturally, this will cause uncertainty in the market leading to people being conservative about their purchases and investors to "cash out" as the value of their equity dangles in the balance. What all of this leads to is an uncertain future in which no one will be fully happy with what happens.

     Our hearts go out to those who have been misplaced and wronged by their systems of governance. We hope only for the best for those affected, regardless of how hopeless it may be. In the mean time we will continue to operate as always for our clients, even as we walk out of the safety of the known.