Posted on March 12, 2020 View More News
VOICE YOUR CONCERNS AND E-MAIL GOVERNMENT OFFICIALS - SEE HSCPA'S REQUEST HERE as of 3/27/2020
The IRS just posted FAQs in regards to the tax payment and filing relief announced last week. https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.
Council of State Taxation (COST) Tracking: Click here
Update 2 as of 3/19/2020 3:00 p.m. Hawaii time: Good news to report – language from S. 3535 that gives a 3-month delay for the filing deadline, and postponing estimated tax payments due until October 15th , was included in the bigger bill introduced in the Senate late today. Great outcome - we'll watch for Senate action next!
Update as of 3/19/2020 (the HSCPA also urged Senators Hirono and Schatz to support this measure):
AICPA Supports Sen. John Thune Tax Filing Relief Legislation, Tax Relief for America Act
Washington, D.C. (March 19, 2020) – TheAmerican Institute of CPAs’ (AICPA) Edward Karl, CPA, Vice President of Tax Policy and Advocacy, made the following statement in support of S.3535 – the Tax Filing Relief for America Act, introduced by Senator John Thune (R-SD), and is urging Congressional leadership to do the same:
“The AICPA is grateful to Senator Thune for his leadership on this critical issue and we support his efforts to provide Americans with much-needed tax filing relief in the midst of this national emergency. Now is the time to support individuals and businesses. Let’s not burden taxpayers and tax preparers with the need to file a form while they are confronting coronavirus-related challenges.”
Karl added, “No income tax or other returns should be due before July 15, 2020. Tasks that are required of taxpayers, including contributing to retirement plans and making elections, and those of tax preparers and taxpayers, such as determining taxable income and tax liability for a valid extension, should not be required prior to July 15, 2020. We do hope that taxpayers and their advisers are able to complete as many returns as possible during the normal time frames. However, offering taxpayers only relief for federal income tax payments but not for the filing of any tax or information returns is not sufficient nor does it recognize the burdens our citizens are facing across the country. More must be done immediately. This is why the AICPA supports Senator Thune’s legislation that will help millions of individuals and businesses, and the CPAs who advise them.”
Yesterday, AICPA President and CEO, Barry Melancon, CPA, strongly called for the Department of the Treasury to implement tax filing relief, saying, “The AICPA understands the need for economic stimulus and, if possible, those who can file and get refunds should do so now. However, it is impossible for every taxpayer and their tax adviser to prepare returns in this environment…Treasury must act immediately by extending the April 15th filing deadline and providing more clarity on the details of recent relief actions.”
The AICPA continues to encourage its members to refer to the following resources that can help them manage clients’ needs and their business at this time:
- On March 11, the AICPA called for the Treasury Department and the IRS to provide relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the coronavirus (press release).
- The IRS has provided more information on what a national emergency may mean for taxpayers and tax practitioners: IRS Resource Guide on Disaster Assistance and Emergency Relief Program.
- U.S. states are providing tax filing relief for individuals and businesses. The AICPA has compiled the latest developments on state tax filings related to coronavirus (more here)
- CPAs’ clients may need assistance with their tax returns and business affairs during this filing season’s uncertainty. Access AICPA guidance and tools.
- Casualty loss and disaster relief resources are also available (more here).
The HSCPA sent a similar request with recommendations to the Hawaii Department of Taxation. View letter here.
We are aware that Treasury Secretary Mnuchin announced today (3/17) a series of tax relief measures designed to assist taxpayers and tax preparers during the coronavirus pandemic. The AICPA is confirming the specifics of these actions with the Dept. of Treasury and IRS and will update us as soon as possible. Please continue to monitor our website for updates.
Web-based resources and business continuity planning tips (based on FEMA guidance) as you monitor, prepare for, and respond to COVID-19:
The primary websites for COVID-19-related information from the Centers for Disease Control and Preventions (CDC) and the World Health Organization (WHO):
Monitor local interpretations and applications is the Rhode Island Department of Health: https://health.hawaii.gov/docd/advisories/novel-coronavirus-2019/
The Johns Hopkins COVID-19 Global Case Map shows all of the confirmed cases, recovered cases, and deaths due to COVID-19 across the world:
GENERAL BUSINESS: Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19), February 2020: https://www.cdc.gov/coronavirus/2019-ncov/specific-groups/guidance-business-response.html
OSHA COVID-19 Guidance: https://www.osha.gov/SLTC/novel_coronavirus/index.htmlexternal icon
Coronavirus Disease 2019 Information for Travel: https://www.cdc.gov/coronavirus/2019-ncov/travelers/index.html
Travel Health Notices:https://wwwnc.cdc.gov/travel/notices
Department of State Travel Advisory Levels chart and color-coded map https://travelmaps.state.gov/TSGMap/