It would be challenging to identify “federally declared disaster areas” eligible for tax relief. Blanket across the board tax relief is warranted. However, the IRS and states want taxpayers to make 2019 tax payments on time by April 15, 2020. Hopefully, states follow suit with the IRS and enact coordinated tax relief over the April 15 deadline. The AICPA letter further recommends: “Waive interest through October 15, 2020; and waive underpayment penalties for 2020 estimated tax payments if paid by September 15, 2020.” See the letter for their other recommendations.

Source: Forbes March 13, 2020 02:26 UTC