AICPA Asks IRS to Extend Relief Offered to Individuals and Businesses Affected by Hurricane Sandy

In a letter to the Internal Revenue Service, the American Institute of CPAs has asked the IRS to consider extending relief from filing deadlines for those impacted by Hurricane Sandy.

As noted in the letter written by Jeffrey Porter, CPA, Chair of the AICPA’s Tax Executive Committee, the IRS plans to grant additional filing and payment relief as the Federal Emergency Management Agency issues qualifying disaster declarations. Porter believes that given the nature of the storm and its impact, greater relief is necessary.

“This situation merits an extraordinary response from the IRS - FEMA declaration or not,“ wrote Porter. “We understand that the IRS has authority through administrative pronouncement via press release to grant relief for filing deadlines for those individuals in affected areas. We hope that the IRS considers some amount of broader relief than typically provided in disasters.”

Porter believes that the IRS should at least consider the location of taxpayers, their preparers and records when making decisions about granting relief. Porter also adds that many taxpayers will need relief, including those organizations that are involved in relief efforts associated with Hurricane Sandy.

“If any of those locations fall within the areas impacted by Hurricane Sandy, we request that the relief be extended to those items,” wrote Porter.