IRS Waives Penalties Following National Crisis | AccountingWEB

IRS Waives Penalties Following National Crisis

The Internal Revenue Service has announced that penalties will be waived for airlines that did not meet a Wednesday deadline for depositing taxes.

This is the first of several announcements expected from the IRS over the course of the next few days. Individuals face a September 17th deadline for paying quarterly estimated tax payments, and many businesses have tax deposits due as well.

The IRS recognizes that the recent disaster may interfere with the ability of firms to compute and pay taxes, and that many law firms and accounting firms that normally provide this service for clients may be unable to do so.

A joint statement published by the IRS and the U.S. Treasury Department indicated that the IRS and the Treasury "will do everything possible to provide administrative tax relief quickly.

"Just as importantly, the IRS and Treasury will work to minimize the distraction of tax issues during this terrible time."

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Emergency Tax Relief Bill Passed by House

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