AICPA Commends IRS & Treasury for COVID-19 Tax Relief

The American Institute of CPAs (AICPA) President & CEO Barry Melancon 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 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.

Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.