AICPA Statement: Further relief and certainty needed this tax season

by WSCPA | Feb 24, 2021
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The AICPA believes certainty and further relief is needed this filing season. As we approach the April 15 filing and payment deadline for the 2020 tax year, many taxpayers and tax professionals continue to struggle to prepare and file tax returns. In a letter sent to Treasury and the IRS on Feb 23, the AICPA urged Treasury and the IRS to:

  • Let taxpayers and preparers know by March 1, 2021 if the tax filing and payment deadlines will change. If Treasury and IRS decide to shift payment and filing deadlines, the postponed date should be June 15, 2021.
  • Provide taxpayers with relief from both the underpayment of estimated tax and late payment penalties for the 2020 taxable year.
  • Halt compliance actions until the IRS is prepared to devote the necessary resources for a proper and timely resolution of the matter.
  • Expand the existing temporary e-signature relief

 For additional details, read this Journal of Accountancy article. 

 

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