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AICPA Commends Congressman on Efforts to Offer Tax Certainty to Victims of Natural Disasters

H.R.3287 addresses a dire need for victims of natural disasters to receive appropriate and expedited tax relief and peace-of-mind during these times of environmental hardship. The AICPA is a long-time advocate of implementing permanent disaster relief ...

Nov. 20, 2019

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The American Institute of CPAs (AICPA) has thanked U.S. Representative Tom Rice (R-S.C.) in a letter for his continued efforts to provide permanent and consistent tax relief to individuals and businesses affected by natural disasters.

The AICPA expressed the importance of offering “certainty to taxpayers who are victims of natural disasters” and expressed appreciation for Congressman Rice’s “thought leadership in finding new ways to solve these difficult problems.”  Furthermore, the letter expressed “support of the Congressman’s goal – encapsulated in Sec. 7 of H.R. 3287 (Tax Relief and Expedited Assistance for Disasters (TREAD) Act) – that would mandate an automatic extension of certain federal tax deadlines for taxpayers affected by federally declared disasters.”

Also included were comments on three provisions of Section 7 of H.R. 3287. The AICPA believes that H.R. 3287 is a step in the right direction and provided additional guidance to ensure that all taxpayers receive the benefits of the bill’s provisions:

  • Mandatory 60-Day Extension
  • Qualified Taxpayers
  • Disaster Area

H.R.3287 addresses a dire need for victims of natural disasters to receive appropriate and expedited tax relief and peace-of-mind during these times of environmental hardship. The AICPA is a long-time advocate of implementing permanent disaster relief provisions and appreciates Rep. Rice’s leadership in finding new ways to solve these difficult problems.

“Without established relief through the tax system, these catastrophes can affect people’s ability to file tax returns and pay their taxes,” Christopher Hesse, CPA, AICPA Tax Executive Committee Chairman said in the letter. “We urge Congress to enact permanent tax provisions that would provide immediate relief when a declaration of a federal disaster occurs, rather than providing delayed and possibly imbalanced tax relief through separate individual bills following each disaster,” he continued.