Taxpayers and their advisers should stay tuned for potentially more tax relief from the IRS amid the new coronavirus pandemic, according to the agency’s top lawyer.
The IRS and Treasury in recent guidance pushed to July 15 the income tax deadline for individuals and businesses from the original April 15 due date. IRS Chief Counsel Michael Desmond on a call Wednesday hosted by an American Bar Association tax section group acknowledged that there are other time-sensitive deadlines that weren’t addressed.
- The American Institute of CPAs has said that current relief doesn’t go far enough. The institute said it should be expanded to include all upcoming deadlines and more types of taxes, including payroll taxes, excise taxes, and estate taxes.
- Desmond said the agency is in uncharted territory with the Covid-19 pandemic, given that it typically offers relief in the event of hurricanes and tornadoes occurring in specific geographic areas as opposed to the entire country.
- “That has presented a number of challenges for us as we try to respond to the evolving nature of the emergency,” he said.
- The agency has received a number of requests for additional relief and is considering them, Desmond said.