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The IRS has issued final regulations, amending existing regulations under Code Sec. 7508A , to clarify rules relating to the postponement of certain tax-related acts by reason of service in a combat zone or a federally declared disaster. The regulations are effective on January 15, 2009.
Under the regulations, which reflect the Victims of Terrorism Tax Relief Act of 2001 (P.L. 107-134), the period of time the Secretary may postpone certain tax-related acts has been increased from 90 days to one year. The Secretary may suspend the accrual of interest, penalties, additional amounts or additions to tax during the postponement period. In addition, consistent with changes made by Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (P.L. 110-343), the regulations use the term “federally declared disaster,” instead of the term “Presidentially declared disaster.”
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