Washington (May 21, 2002) -- Using a new authority granted by the Victims of Terrorism Tax Relief Act, the Internal Revenue Service has given relief from interest and penalties to various taxpayers affected by the Sept. 11 attacks who earlier received extra time to file returns or pay taxes.
Generally, taxpayers will not owe any interest or penalties for the amount of time that the IRS earlier extended their filing or payment deadline, and the IRS will refund such amounts to affected taxpayers who have already paid them. In its earlier actions, the IRS extended certain tax deadlines to dates ranging from Nov. 15, 2001, to Sept. 12, 2002, depending on the form or payment involved. However, at that time the law did not provide for the waiver of some interest and penalty charges.
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