The Maryland Association of CPAs is urging its members to support the American Institute of CPAs’ call for more action and clarity from the U.S. Treasury Department and the IRS regarding deadlines for tax filing and payment relief.
In a March 17 press conference with President Donald Trump, Treasury Secretary Steven Mnuchin said individual taxpayers who owe up to $1 million in federal taxes can delay paying until July 15, while businesses can defer up to $10 million.
Filing deadlines, however, remained unchanged, with the IRS stating, “The filing deadline for tax returns remains April 15, 2020.”
CPAs and those who represent them say filing deadlines should be extended as well.
“The concern and confusion related to coronavirus is causing cities and states across the country to shut businesses down, and Treasury’s recent decisions do not reflect the real-world difficulties tax practitioners and their clients are experiencing,” said AICPA President and CEO Barry Melancon. “Treasury must act immediately by extending the April 15 filing deadline and providing more clarity on the details of recent relief actions.”
The Maryland Association of CPAs supports the AICPA’s position and has advised its members to send an e-mail to the Treasury Department to urge them to immediately extend the tax filing deadline and to clarify their recent relief actions related to tax payments.
“Our more than 8,000 Maryland CPAs are committed to helping businesses and individuals file their taxes,” said MACPA President and CEO Tom Hood. “In this current environment, CPAs have their teams working remotely at somewhat reduced effectiveness. Many of their clients who are now restricted from visiting in person are also struggling to get their information to the CPAs necessary to file their taxes timely. This situation is growing worse every day and relief is needed for both taxpayers and the tax professionals trying to help them.
“We understand the need for economic stimulus and agree that those who can file should do so in order to get their refunds,” Hood added. “The reality is that it will be impossible for all taxpayers and their CPAs to prepare and file their taxes in the current environment. Even filing tax extensions requires information from the taxpayers and calculations by the CPA. This takes additional time that makes meeting the tax deadline of April 15 for individuals almost impossible.
“We urge the Treasury Department and the IRS to act immediately by extending the April 15 filing deadline to July 15 or after and providing more clarity on the details of recent relief actions.”
More resources
- Looking for reliable sources of COVID-19 information? Start here.
- Check the status of upcoming MACPA events.
- The IRS has provided more information on what a national emergency may mean for taxpayers and tax practitioners.
- 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.
- Casualty loss and disaster relief resources are also available.