AICPA Commends Treasury and IRS for Issuing Broad Tax Relief in Light of COVID-19

Todays release of Notice 2020-23 is great news to the thousands of taxpayers and tax professionals who are faced with upcoming deadlines.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, April 9, 2020
Information
Tags: 
Professional services, White House, Federal Government, Public policy, Government, Public policy, Finance, Accounting, Taxation in the United States, Tax, Internal Revenue Service
Geotags: 
United States
⚠generated by AI ↴
Summary
Key Points: 
  • Todays release of Notice 2020-23 is great news to the thousands of taxpayers and tax professionals who are faced with upcoming deadlines.
  • We commend Treasury and the IRS for recognizing the added stress these deadlines cause and taking action to ensure taxpayers and their advisors can take care of their families and their employees appropriately.
  • While the AICPA appreciates the relief announced today, we continue to urge Treasury and IRS to develop a contingency plan for the next phase of relief should that be needed.
  • On April 7th, the AICPA urged Treasury Secretary Mnuchin in a letter to immediately expand the tax-related relief to all types of returns and payments.


The American Institute of CPAs (AICPA) President & CEO, Barry Melancon, CPA, CGMA, released the following statement applauding Treasury and the Internal Revenue Service (IRS) for its decision to grant tax filing and payment extensions for all tax-related deadlines due between April 1 and July 15:

“Over the last several weeks, we repeated our requests to Treasury and the IRS for extensive tax filing and payment relief. Today’s release of Notice 2020-23 is great news to the thousands of taxpayers and tax professionals who are faced with upcoming deadlines. The seriousness of this global crisis is overwhelming. We commend Treasury and the IRS for recognizing the added stress these deadlines cause and taking action to ensure taxpayers and their advisors can take care of their families and their employees appropriately.

“While the AICPA appreciates the relief announced today, we continue to urge Treasury and IRS to develop a contingency plan for the next phase of relief should that be needed. As a country, we should not risk anyone’s life to meet tax filing obligations.”

On April 7th, the AICPA urged Treasury Secretary Mnuchin in a letter to immediately expand the tax-related relief to all types of returns and payments. On March 27th, the AICPA submitted a letter to Treasury and the IRS requesting that all Federal income tax, information returns, and payments originally due between March 3, 2020 and July 15, 2020 be granted additional time to file and pay until July 15, 2020. (See more AICPA tax policy and advocacy efforts here.)

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 429,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Media representatives are invited to visit the AICPA Press Center at https://www.aicpa.org/press.

Copyright: 
Copyright Business Wire 2020