Accounting Group Urges IRS to Waive Late Tax Penalties (1)

A group of accountants is urging the IRS to grant penalty relief for taxpayers who can’t meet payment or filing deadlines in time.

The American Institute of CPAs sent a letter Wednesday asking the IRS to forgive taxpayers who fail to meet the July 15 filing date. It requested no interest rates on late payments, due to complications coronavirus and the global pandemic have had on both taxpayers and the agency.

“Given the extraordinary circumstances, automatic waiver of penalties for the 2019 tax year, and possibly the 2020 tax year, is appropriate,” the group said.

The IRS had extended the ...