The IRS has announced tax relief for taxpayers impacted by the Oct. 7 terrorist attacks against the State of Israel. The announcement comes only three days before the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. Eligible taxpayers now have until Oct. 7, 2024, to file these returns. The IRS has also extended certain other tax filing and payment deadlines.
On Saturday, Oct. 7, the State of Israel was attacked by Hamas. The attacks have resulted in more than 1,300 reported deaths, including at least 14 Americans. More than 100 people, including 17 Americans, remain missing as of Thursday.
During a briefing Tuesday, President Biden said the United States "will make sure Israel has what it needs to take care of its citizens, defend itself, and respond to this attack."
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
State of Israel tax relief
For its part, the IRS announced that eligible taxpayers now have until Oct. 7, 2024, to file certain tax returns and make certain tax payments that were originally due between Oct. 7, 2023, and Oct. 7, 2024.
These extensions include (but might not be limited to) the following:
- Taxpayers with an original tax filing extension of Oct. 16, 2023 now have until Oct. 7, 2024 to file 2022 federal tax returns. (Taxes owed for 2022 returns were due April 18, so the tax relief does not extend these payments.)
- Individual and business tax returns and payments originally due on March 15 and April 15, 2024 are now due Oct. 7, 2024.
- Quarterly estimated income tax payments originally due on Jan. 16, April 15, June 17 and Sept. 16, 2024 are now due Oct. 7, 2024.
- Taxpayers now have until Oct. 7, 2024 to contribute to retirement accounts.
Who qualifies for tax relief?
According to the IRS, the following taxpayers qualify for tax relief. However, additional relief may be announced in the future.
- Individuals whose principal residence or business entity or sole proprietor whose principal place of business is in Israel, the West Bank, or Gaza
- 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
- Those affiliated with a recognized government or philanthropic organization and who are assisting in the covered area
The IRS will automatically grant relief to eligible taxpayers. However, if you qualify for relief but live outside the disaster area, you can contact the IRS disaster hotline at 1-866-562-5227.
Some taxpayers impacted by the terrorist attacks may receive a late filing or payment notice. This can happen if the IRS doesn't have a record of you living in the affected area (for example, if you recently moved). In this case, taxpayers should call the number on the notice for relief.
-
Where to Start Financially After a Life-Changing DiagnosisDealing with an illness, yours or your child’s or that of another loved one, is hard enough without adding financial duress. Here are some considerations and suggestions for covering expenses.
-
Stock Market Today: Dow Jumps 520 Points After Salesforce Earnings
The enterprise network software firm reported impressive Q3 results, sending the blue chip stock soaring.
-
Time to Act on These End-of-Year Tax Planning Tips: Tax Letter
Tax Letter With a short time left before 2023 comes to a close, tax planning is all-important. Here are some areas to focus on.
-
You May Have to Put Catch-Up Contributions in a Roth 401(k): That's Not a Bad Idea
Roth 401(k) High earners will be required to put their catch-up contributions in a Roth 401(k).
-
Should You Withdraw Your ERC Claim?
Tax Credits The IRS says certain businesses can withdraw potentially fraudulent employee retention tax credit claims.
-
13 States Sign On to IRS Direct File Pilot Program
Tax Filing The IRS will pilot its free online direct tax filing service, with help from several states.
-
Five Tax Breaks for Paying Your Student Loan
Tax Letter After a three-year pause, student loan payments have resumed, putting a dent in people's wallets. But there are some tax breaks that can help.
-
From Chatbots to Audits: How the IRS Will Use AI This Tax Season
IRS The IRS has plans to increase its use of AI. Here’s how the agency will do it and what it could mean for taxpayers.
-
Two Supreme Court Cases Could Change the Tax Landscape: Kiplinger Tax Letter
Kiplinger Tax Letter The Supreme Court’s new term started October 2. There are some interesting cases on its docket. Two could majorly change the tax landscape.
-
What Would a Government Shutdown Do to the IRS?
IRS With a government shutdown looming, some wonder how IRS operations will be affected.
