AICPA Asks IRS for Broader Tax Relief
The American Institute of CPAs (AICPA) has asked the IRS to consider broader relief from filing deadlines for individuals and businesses affected by Hurricane Sandy.
In a November 1 letter to IRS Commissioner Douglas Shulman, Jeffrey Porter, CPA, chair of the AICPA's Tax Executive Committee, noted that the IRS expects to grant additional filing and payment relief as qualifying disaster declarations are issued by the Federal Emergency Management Agency (FEMA), beyond the limited initial guidance issued October 31, 2012 (IR-2012-82).
"This situation merits an extraordinary response from the IRS - FEMA declaration or not," Porter wrote. "We understand that the IRS has authority through administrative pronouncement via press release to grant relief for filing deadlines for those individuals in affected areas. We hope that the IRS considers some amount of broader relief than typically provided in disasters."
At a minimum, Porter explained, any relief should at least consider factors such as where the taxpayer is located, where the taxpayer's preparer is located, and where the taxpayer's records are located. "If any of those locations fall within the areas impacted by Hurricane Sandy, we request that the relief be extended to those items," he stated.
Relief is needed by many types of taxpayers, including some significant deadlines associated with exempt organization filings, where many of the organizations may actually be involved in relief efforts associated with Hurricane Sandy.
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Voice of the Editor
Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
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