The American Institute of CPAs has raised the level of urgency on the need for extensions for all filing and payment dates. A later dated April 7 from Barry Melancon, the Institute’s. CEO to Treasury Secretary Steve Mnuchin sounds a more serious alarm than a March 26 letter from the AICPA on the same subject.“We believe it is impractical, if not impossible, for taxpayers and their advisors to continue business as usual when IRS’s own operations are minimally operable,” Melancon wrote.
The AICAP repeated its request for an immediate relief for all types of returns and payments dur between March and July 15. In addition, it stressed a series of issues for which it says action is needed:
*Other forms and elections: The due dates of additional forms and elections, such as the election to be taxed as a small business, need additional time.
*First quarter individual and corporate estimates,, were deferred to July 15. However, the second quarter deadline is still set at June 15.
*E-signatures: The IRS must allow taxpayers and their preparers to utilize technology, such as e-signatures, to keep a safe distance from others.
*Deadlines for information and other returns due between March 3 and July 15, such as for certain estates, exempt organizations and other businesses, should be extended.
*U.S. citizens living abroad or non-resident taxpayers who cannot leave have difficulty filing.
* The IRS should offer “generous and automatic relief for other issues related to administrative actions such as expiring statutes of limitations, the processing of correspondence and other actions not already covered by previous relief but related to COVID-19.”
