Update on Possible Coronavirus Tax Relief
The AICPA has been advocating for secure tax filing and payment relief due to the challenges surrounding the coronavirus (COVID-19) pandemic. The organization has been having conversations with both the Treasury Department and the IRS.
As of March 16, the AICPA is reporting that it anticipates the Treasury and IRS will announce this week an extension of the April 15 tax deadline by as much as 90 days, along with a waiver of penalties and interest for most taxpayers.
According to the AICPA, the Treasury and IRS have also indicated they will be generous in determining reasonable cause abatement of penalties for taxpayers and preparers unable to file by the March 16 deadline for many businesses.
TSCPA will continue to provide the latest updates from the AICPA, the Treasury and the IRS on coronavirus tax relief. For more coronavirus resources and news, visit TSCPA’s COVID-19 Information & Resources page.