IPB Attorneys Write About Disaster Provision in Section 7508A for Bloomberg Tax

IPB attorneys Spencer Walters and Jon Holbrook published Disaster Provision Presents Potential Deadline, Penalty, and Interest Opportunities for Taxpayers in Bloomberg Tax, following on their recent comment letter to the IRS on its proposed regulations in Section 7508A(d).

Walters and Holbrook provide a basic overview of the provisions in Section 7508A – it  permits the Treasury to postpone aspects of tax administration for up to one year for taxpayers affected by a disaster and  designates a “mandatory 60-day extension” period spanning from the earliest incident date specified in a disaster declaration through 60 days after the latest incident date – discuss the proposed IRS regulations and the IPB comment letter, and review some associated opportunities for taxpayers.