On Monday, January 28, 2019, the AICPA sent a letter requesting additional relief for taxpayers from penalties for underpayment or late payments of 2018 taxes. The letter, sent to the IRS and to the Department of the Treasury, requests “additional and more extensive relief to taxpayers who are unable to adjust their withholding and estimated tax payments for the 2018 tax year due to the changes resulting from the Tax Cuts and Jobs Act (TCJA).”
The profession is specifically recommending that the IRS provide taxpayers more relief from penalties for underpayments or late payments, and that it provide an expedited process for reasonable cause abatements.
In addition, the profession recommends making penalty relief automatic, in specific circumstances identified by the IRS, and calling for the IRS to extend penalty relief to businesses, too.
The RI Society of CPAs has signed a letter to the IRS and Treasury Department urging more Penalty Relief for Taxpayers connected to 2018 Tax Filing. Our Federal & State Taxation Committee co-chairs, Michele Forcino and Tracy Hess sign on for RISCPA.
Download Document: board_of_accountancy_rules_regulations.pdf