What You Need to Know
- AICPA urged the IRS to announce by March 1 any plans to extend the April 15 tax filing deadline.
- It also asked the tax authority to provide underpayment and late payment penalty relief.
- The group also pressed IRS to extend its acceptance of e-signatures.
The American Institute of CPAs is urging the Internal Revenue Service and Treasury to provide more certainty to taxpayers and tax practitioners about the April 15 filing deadline, as reports indicate the IRS may move the deadline if Congress approves another round of economic impact payments.
“This indecision is creating further uncertainty for taxpayers and their representatives,” AICPA said.
In a letter Monday, the AICPA urged Treasury and IRS to announce any pending tax filing and payment deadline postponements by March 1.
“If Treasury and IRS determine they cannot hold to the April 15 deadline, a decision should be announced by March 1 and the extended date should be June 15,” AICPA said.
On Feb. 16, AICPA also called on Treasury and 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.