Tax relief

Bipartisan legislation would extend the deadline after guidance from the Treasury Department fell short.

The relief is only for income taxes, and doesn't change any filing deadlines.

The Treasury Secretary is expected to seek a third round of coronavirus-related economic stimulus, including postponing the due date for quarterly tax payments.

The National Society of Accountants, NCCPAP and the AICPA are asking the IRS and Treasury for tax relief during the pandemic.

The IRS is pushing deadlines and payment deadlines back to July 15 for some taxpayers.

The president said he would allow individuals and businesses to “defer tax payments without interest or penalties” and he urged Congress to cut payroll taxes.

The U.S. Treasury Department is considering extending the 2019 tax-filing deadline beyond April 15 to provide relief from economic disruption caused by the coronavirus outbreak, according to two people familiar with the matter.

The Internal Revenue Service said it may provide relief from double taxation in some circumstances to corporations because of the repatriation tax under the Tax Cuts and Jobs Act.

The Internal Revenue Service and the Treasury Department are offering a safe harbor to provide relief to taxpayers who borrowed money to attend a nonprofit or for-profit school and had their student loan debts discharged.

The institute has asked the IRS and the Treasury to issue a notice clarifying that relief will also apply to S corporations.