AICPA Expresses Support for Disaster Tax Filing Relief Bill
June 2, 2021
Washington, D.C. (June 2, 2021) – The American Institute of CPAs (AICPA) has expressed strong support for the bipartisan Filing Relief for Natural Disasters Act introduced by Representatives Judy Chu (D-CA) and John Katko (R-NY). This bill would extend the Internal Revenue Service’s (IRS) authority to grant tax filing relief following state-declared disasters and states of emergency. The legislation also expands the mandatory federal filing extension from 60 days to 120 days, which provides taxpayers with additional time to file their taxes following a disaster.
Currently, the process for receiving tax filing relief from the IRS follows a presidential disaster declaration, which can come days or weeks after a state disaster declaration. This gap places impacted businesses and individual taxpayers in difficult, confusing and stressful situations as they work to rebuild following a natural disaster.
“We are grateful to Representatives Chu and Katko for their leadership on providing victims of natural disasters expedited tax filing relief and giving them one less thing to worry about during an already stressful time,” said AICPA Vice President of Taxation, Edward Karl, CPA, CGMA.
About the American Institute of CPAs
The American Institute of CPAs® (AICPA®) is the world’s largest member association representing the CPA profession, with more than 428,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.
BACKROUND:
- In a 2013 letter to Members of Congress, the AICPA requested permanent tax provisions related to disaster relief.
