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by Alistair M. Nevius, J.D. | Oct 9, 2020
In the spring, as the COVID-19 pandemic swept the globe, the IRS took action to extend a wide variety of filing deadlines. Taxpayers and tax practitioners both needed the extra time, as offices across the country shut down, quarantining took effect, and many people became sick.
While the IRS and states postponed many tax filing and payment deadlines that fell between April 1 and July 15 (see Notice 2020-23 and the AICPA’s state guidance chart), they have not postponed deadlines falling after that period, except in the case of taxpayers affected by certain natural disasters. And the extension period for individual and calendar-year corporate tax returns was not increased, so the due date remains Oct. 15.
With that tax filing deadline looming, the pandemic continues to disrupt people’s lives. Many tax practitioners are trying to manage their workload but are still working at home, often with children at home instead of at school, and many are caring for sick family members or are sick themselves. On top of this, many have been helping small businesses with Paycheck Protection Program loan applications and forgiveness.
All of this means that some practitioners are overwhelmed and concerned that they will not be able to meet the Oct. 15 deadline for all returns.
During the pandemic, the AICPA has been communicating its concerns to Treasury and the IRS about practitioners’ ability to meet various filing and payment deadlines. Based on discussions with the IRS, the AICPA understands that the Service is willing to work with taxpayers who need relief.
Full Article
Source: Journal Of Accountancy
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