Washington, D.C. (March 19, 2020) – The American Institute of CPAs’ (AICPA) Edward Karl, CPA, Vice President of Tax Policy and Advocacy, made the following statement in support of S.3535 – the Tax Filing Relief for America Act, introduced by Senator John Thune (R-SD), and is urging Congressional leadership to do the same:
“The AICPA is grateful to Senator Thune for his leadership on this critical issue and we support his efforts to provide Americans with much-needed tax filing relief in the midst of this national emergency. Now is the time to support individuals and businesses. Let’s not burden taxpayers and tax preparers with the need to file a form while they are confronting coronavirus-related challenges.”
Karl added, “No income tax or other returns should be due before July 15, 2020. Tasks that are required of taxpayers, including contributing to retirement plans and making elections, and those of tax preparers and taxpayers, such as determining taxable income and tax liability for a valid extension, should not be required prior to July 15, 2020. We do hope that taxpayers and their advisers are able to complete as many returns as possible during the normal time frames. However, offering taxpayers only relief for federal income tax payments but not for the filing of any tax or information returns is not sufficient nor does it recognize the burdens our citizens are facing across the country. More must be done immediately. This is why the AICPA supports Senator Thune’s legislation that will help millions of individuals and businesses, and the CPAs who advise them.”
Yesterday, AICPA President and CEO, Barry Melancon, CPA, strongly called for the Department of the Treasury to implement tax filing relief, saying, “The AICPA understands the need for economic stimulus and, if possible, those who can file and get refunds should do so now. However, it is impossible for every taxpayer and their tax adviser to prepare returns in this environment…Treasury must act immediately by extending the April 15th filing deadline and providing more clarity on the details of recent relief actions.”
The AICPA continues to encourage its members to refer to the following resources that can help them manage clients’ 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.
- U.S. states are providing tax filing relief for individuals and businesses. The AICPA has compiled the latest developments on state tax filings related to coronavirus (more here)
- 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).