The American Institute of CPAs (AICPA) today thanked the Department of the Treasury and the IRS for extending the tax filing deadline to July 15, 2020. Also, the AICPA thanked the thousands of members and state CPA societies who called on their legislative representatives and the Department of the Treasury to demand immediate tax filing relief.
Barry Melancon, AICPA president and CEO, thanked Treasury Secretary Mnuchin for listening to taxpayers and the accounting profession, “The coronavirus pandemic has made it increasingly difficult for taxpayers and tax advisers to file on time and in a safe manner and this relief is helpful. My message to CPA firms and other preparers today is: our work is not over. There is a great need to support the U.S. economy and it is urgently critical that refund returns are filed as soon as possible, without unnecessary delay and when able and safe to do. Our profession has a tremendous opportunity to create economic stimulus when we help taxpayers submit a refund return. You and your staff have shown great resilience and AICPA is here to support you through this difficult time.”
“AICPA and its members are grateful for the Department of the Treasury’s and the IRS’s commitment to easing the challenges facing taxpayers and the CPAs who serve them,” said Edward Karl, CPA, AICPA vice president of tax policy and advocacy. “In addition, we appreciate the many, many members, state CPA societies and other tax professionals who raised their voice to Treasury and Congress, calling for immediate relief.”
Karl added, “We are pleased by the Treasury’s and IRS’s decision to broaden relief, with tax filing added to the previously-announced payment extensions and penalty and interest relief. We stand ready to assist Treasury and the IRS if needed and will continue to inform the accounting profession about ways it can help clients and manage their business in the midst of the coronavirus pandemic.”
The AICPA and state CPA societies actively called for tax payment and filing relief, as well as providing timely tax filing resources for accounting professionals and policymakers:
On March 19, AICPA and state CPA societies expressed support for Sen. John Thune’s Tax Relief for America Act (press release).
AICPA’s President and CEO strongly called for tax filing relief on March 18, stating that Treasury’s actions “do not reflect the real-world difficulties tax practitioners and their clients are experiencing.” Also, in a letter to AICPA members, Melancon called upon them to contact Treasury and demand immediate tax filing relief (press release).
On March 13, AICPA expressed dismay that the Treasury Department and IRS had yet to provide taxpayers and tax preparers with filing and payment relief ahead of the March 16th deadline (press release).
On March 11, 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).
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).
The AICPA has developed several resources to keep the profession up-to-date on the coronavirus, including information on business continuation, economic impact and workforce issues. Visit our Coronavirus Resource Center to learn more.