News from IRS

March 19, 2020

We are sharing some recent news regarding the Treasury Department and the IRS regarding the April 15th tax deadline. The AICPA has been in conversations with them to secure filing and payment relief for taxpayers and tax preparers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic.

While it has not been enacted yet, and may not, the AICPA anticipates that Treasury and the IRS will announce this week an extension of the April 15th deadline by as much as 90 days, and a waiver of penalties and interest for most taxpayers.

Additionally, Treasury and the IRS are aware of the major deadline for businesses today, and the challenges facing taxpayers and tax preparers in meeting that deadline.  They have indicated that they would be generous in determining reasonable cause abatement of any penalties for taxpayers and tax preparers who are unable to file in a timely manner.

Regardless of whether an extension is in the works, we'd appreciate receiving your tax information as soon as possible so we can help by processing what needs and can be done now.

You can also visit the AICPA Coronavirus Resource Center for frequent updates and resources to help you manage your business at this time. Please feel encouraged to call your Perelson Weiner partner with any questions.