Tax News:

Sept. 12th, 2001: IRS wants to assure taxpayers that tax relief is on the way (09-12-2001)

Still a little shaken and the sound of the Twin Towers crumbling to the ground in a concrete and steal heap still fresh as a minute ago in the mind, most Americans can’t think of anything else but those that were the victim of the most horrendous attack on the U.S. soil and their own personal safety. But the government is doing all it can to soften this blow. IRS is monitoring the tax administration situation with an hawk’s eyes. Text of the News Release from the IRS website:

“WASHINGTON – Internal Revenue Service Commissioner Charles O. Rossotti today waived failure to deposit penalties for air transportation taxes due to be deposited Sept. 12. Those penalties will be waived if deposits are made by Wednesday, Sept. 26. The IRS will re-evaluate the duration of this relief as circumstances warrant. This is part of a broader effort by the Treasury Department and the IRS to provide relief for victims of attacks in New York and at the Pentagon. In the aftermath of Tuesday’s tragedy, the IRS and Treasury want to assure taxpayers, businesses and taxpractitioners that they are working aggressively to issue tax guidance and resolvepotential issues.

The IRS and Treasury will be announcing payment and filing relief for individual and business taxpayers affected by these attacks. Details will be issued as soon as possible.

The IRS and Treasury want to assure the victims, families and others affected by the tragedies in New York and at the Pentagon that the agencies 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. The entire Treasury family extends its prayers and sympathies to the families, friends, government workers and others affected by this attack.”