Type:Proposed Rule
Citation:86 FR 2607
Reading Time:about 39 minutes
The Treasury Department and Internal Revenue Service (IRS) have proposed new regulations to implement a 60-day delay on certain tax deadlines for those impacted by a federally declared disaster. These proposed regulations also aim to clarify the definition of such a disaster. The rules would affect individuals, businesses, and any taxpayers with necessary tax records in disaster areas. The IRS welcomes public feedback on these proposed regulations.
Simple Explanation
The government wants to give people and businesses more time to do their taxes if they're affected by a big disaster, like a huge storm. But since the rules are a bit confusing, they're asking people for ideas on how to make things clearer and better.