AICPA Calls for Tax Relief for Individuals and Businesses Amid Coronavirus Pandemic
WASHINGTON, DC, March 11, 2020 – The American Institute of CPAs (AICPA) today called for the Treasury Department and the IRS to consider the following recommendations to provide relief to millions of individuals and businesses:
Individuals and Businesses
- Extend filing deadlines on or after March 15, 2020 and before October 15, 2020 to give individuals additional time to file and make payments through October 15, 2020.
- Provide an automatic extension to October 15, 2020, without the need to file any forms or request an extension.
- Waive late payment penalties if 70% of the tax due is paid by April 15, 2020 and waive interest through October 15, 2020.
- Waive underpayment penalties for 2020 estimated tax payments if paid by September 15, 2020.
- Extend the IRA contribution deadline.
- Provide appropriate relief for all businesses and tax-exempt organizations regarding elections and filings (including payroll, excise tax, etc.).
“We are hearing from our members that they and their clients are experiencing great uncertainty about this year’s tax filing season. Our recommendations will help give taxpayers, large and small, much needed relief in the midst of this fast-moving emergency situation,” said Edward Karl, AICPA Vice President of Taxation. “We continue to closely monitor the Coronavirus pandemic and thank the Treasury Department and IRS for their commitment to the welfare of all taxpayers.”