American Institute of CPAs (AICPA) vice president of Taxation, Edward Karl, CPA, CGMA, released a statement following the AICPA’s call for certainty and relief for taxpayers from the Internal Revenue Service (IRS):
“Right now, the stress of tax season is being compounded by the uncertainty regarding the April 15th filing and payment deadlines. The IRS and Treasury must act now to provide clarity and certainty to taxpayers and tax practitioners, provide financial relief from underpayment and late payment fees, halt automatic collection activities and expand the existing temporary e-signature relief currently being provided. Adequate time for preparation is critical and we continue to urge Treasury and the IRS to announce any proposed deadline extensions. As we navigate current circumstances in the wake of the COVID-19 pandemic, it’s clear that Americans need as much certainty and support as is possible. The IRS is in a position to provide a small part of that, and we ask them to do so quickly.”
Last week, the AICPA sent a letter urging the Department of the Treasury and the IRS to provide taxpayers with more certainty and stability by announcing any pending tax filing and payment deadline postponements. Additionally, the AICPA called for Treasury and the IRS to provide underpayment and late payment penalty relief, delay collection activities and expand the temporary e-signature relief to the millions of taxpayers affected and working through the challenges created by the COVID-19 pandemic.
In a letter sent earlier last month, the AICPA called attention to the hardship that millions of taxpayers and tax practitioners are facing while making good faith efforts to comply with their tax obligations. The AICPA called for relief from underpayment and late payment penalties for the 2020 taxable year.