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AICPA: Tax Penalty Relief Needed

 The American Institute of CPAs has renewed its request for penalty relief for the 2019 tax year filing season. In its letter to the Department of the Treasure and the Internal Revenue Service, the AICPA cited the difficulty the coronavirus pandemic has created for taxpayers to file returns and pay taxes due.

 Although the IRS recently issued guidance offering easier payment agreements for those unable to pay taxes, the AICPA says more needs to be done.

The AICPA urges the IRS to implement the following:                                                                                                                                                                      *The elimination of the need for written requests for a penalty waiver and expedited and streamlined reasonable cause penalty abatement process.            *Interim guidance that offers specific coronavirus examples that qualify for reasonable cause abatement and share these examples with all telephone assistors. *A dedicated telephone number, or dedicated prompt, for taxpayers or advisors to call to request coronavirus-related penalty relief.

“Penalty relief should be a priority as part of the IRS’s efforts to mitigate the negative impact of the coronavirus,” the AICPA wrote.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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