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."

Related stories:

Breaking News: IRS Issues Additional Relief Measures

Emergency Tax Relief Bill Passed by House

You may like these other stories...

With tax season in the past, it's time to think about the tax implications of decisions your clients may be making about their homes in 2014. The rules are complicated and because of the huge amounts involved, the...
IRS revokes group’s tax exemption over anti-Clinton statementsGregory Korte of the USA Today reported on Monday that the IRS has revoked the tax-exempt status of a conservative-aligned charity, the Patrick Henry Center...
Clawback policies vary by company, industry: PwCAccording to a report issued to clients by PwC on April 17, companies have instituted a wide range of so-called clawback policies – with no two exactly alike – in...

Upcoming CPE Webinars

Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.
May 1
This material focuses on the principles of accounting for non-profit organizations’ expenses. It will include discussions of functional expense categories, accounting for functional expenses and allocations of joint costs.