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.