Coronavirus Outbreak

IRS to Be Flexible With Penalties for Late Filing Due to Virus

Sept. 15, 2020, 3:46 PM

Taxpayers that miss filing deadlines because of the coronavirus pandemic should explain that to the IRS, which said it will be flexible with penalty relief for people who make “good-faith efforts” to comply.

The American Institute of CPAs previously urged the IRS to grant relief from failure to file and failure to pay penalties for taxpayers and practitioners struggling to meet deadlines during the pandemic. The group recently told Bloomberg Tax that, after discussions with the agency, it is telling members who have been unable to meet deadlines to write “COVID-19" in an attachment to the tax return describing...

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