Daily Tax Report ®

Accountant Group Says IRS’s Tax Filing Relief Still Not Enough

March 25, 2020, 12:02 AM

The IRS and the Treasury Department should broaden its tax filing relief to all upcoming deadlines and more types of taxes, the American Institute of CPAs said in a news release emailed to Bloomberg Tax on Tuesday.

The department in recent guidance pushed to July 15 the deadline for individuals and businesses to file and pay federal income taxes originally due on April 15. The IRS posted a series of questions and answers to its website Tuesday clarifying the types of payments that are covered by the relief, including installment payments to the repatriation tax under Section 965.

  • The IRS and Treasury have already expanded the relief once. They originally extended the date for paying income taxes but not for filing.
  • According to the AICPA, the broadened guidance isn’t enough. “With shelter-in-place orders issued throughout the country and a spreading pandemic, there is a significant list of filing and payment challenges left unresolved,” AICPA’s Vice President of Taxation Edward Karl said in the release.
  • The group is requesting that IRS and Treasury extend all upcoming tax filing deadlines—not just the April 15 deadline—and expand the deferral benefit beyond income taxes to payroll taxes, excise taxes, and estate, gift and generations-skipping transfer taxes.

To contact the reporter on this story: Allyson Versprille in Washington at aversprille@bloombergtax.com

To contact the editors responsible for this story: Patrick Ambrosio at pambrosio@bloombergtax.com; Kathy Larsen at klarsen@bloombergtax.com

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