AICPA Supports Disaster Tax Filing Relief Bill
Currently, the process for receiving tax filing relief from the IRS follows a presidential disaster declaration, which can come days or weeks after a state disaster declaration. This gap places impacted businesses and individual taxpayers in ...
Jun. 02, 2021
The American Institute of CPAs (AICPA) has expressed strong support for the bipartisan Filing Relief for Natural Disasters Act introduced by Representatives Judy Chu (D-CA) and John Katko (R-NY). This bill would extend the Internal Revenue Service’s (IRS) authority to grant tax filing relief following state-declared disasters and states of emergency. The legislation also expands the mandatory federal filing extension from 60 days to 120 days, which provides taxpayers with additional time to file their taxes following a disaster.
Currently, the process for receiving tax filing relief from the IRS follows a presidential disaster declaration, which can come days or weeks after a state disaster declaration. This gap places impacted businesses and individual taxpayers in difficult, confusing and stressful situations as they work to rebuild following a natural disaster.
“We are grateful to Representatives Chu and Katko for their leadership on providing victims of natural disasters expedited tax filing relief and giving them one less thing to worry about during an already stressful time,” said AICPA Vice President of Taxation, Edward Karl, CPA, CGMA.