In response to the Coronavirus (COVID-19), U.S. President Trump today declared a national emergency, invoking the Stafford Disaster Relief and Emergency Assistance Act to provide more federal aid to state and local municipalities.
Along with freeing up federal funds from the Disaster Relief Fund, an emergency declaration may unlock tax filing and late payment relief for individuals and businesses. In announcing the state of emergency, the president said that another statement will be released within two hours detailing additional steps the administration would be taking in addressing this emergency. We are hopeful that more information about tax filing and payment relief will be shared at that time.
The American Institute of CPAs (AICPA) applauds the President’s declaration and stresses the importance of immediate relief for all taxpayers. The AICPA also urges the IRS to announce specific details today regarding the extension of impending filing and payment deadlines.
The AICPA encourages its members to refer to its resources that can help them manage taxpayers’ needs and their business at this time:
On March 11, the AICPA called for the Treasury Department and the IRS to provide relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the coronavirus (press release).
The IRS has provided more information on what a national emergency may mean for taxpayers and tax practitioners: IRS Resource Guide on Disaster Assistance and Emergency Relief Program.
CPAs’ clients may need assistance with their tax returns and business affairs during this filing season’s uncertainty. Access AICPA guidance and tools.
Casualty loss and disaster relief resources are also available (more here).
Please refer to the AICPA’s Coronavirus Resource Center for frequent updates, additional guidance and tools for accounting professionals.