AICPA Requests Immediate Tax Disaster Relief in Wake of Hurricane Helene

AICPA Requests Immediate Tax Disaster Relief in Wake of Hurricane Helene

Washington, D.C. (October 1, 2024) - In the wake of extensive damage caused by Hurricane Helene throughout the south and southeast, the American Institute of CPAs (AICPA) sent a letter to the Internal Revenue Service (IRS) requesting immediate tax disaster relief for affected taxpayers.

"We urge the IRS to immediately provide filing and payment tax disaster relief to those impacted by Hurricane Helene," the AICPA says in the letter. The letter notes that the catastrophic destruction caused by this storm covers over 400 miles and has resulted in a death toll of over 130 people, leaving another 4 million people without power.

There has been a federal disaster declaration for certain areas, however tax filing and payment disaster relief has not yet been extended to the victims of this tragedy. Presently, taxpayers face tax filing and payment deadlines of September 30 and October 15 unless relief is granted.

"Taxpayers impacted by natural disasters are understandably overwhelmed with the challenges they face in rebuilding their lives," said AICPA Vice President of Tax Policy and Advocacy, Melanie Lauridsen. "It's incumbent upon us to do everything within our power to minimize these challenges and help them as they put the pieces back together. These recommendations we offer to the IRS do just that."

For many years, the AICPA has advocated for automatic filing relief from the IRS for federally declared disasters. The AICPA has requested that the IRS ensure personnel, including disaster hotline personnel, are familiar with section 7508A and allow the 60-day extension even if there is no official guidance or announcement from the IRS. Additionally, the AICPA believes the IRS should confirm that taxpayers who miss a filing deadline qualify for relief in the event that a retroactive disaster declaration is issued, as well as accelerate the issuance of notices of relief.

"We urge the IRS to consider implementing these tax relief measures and reduce the burden on so many who have already lost too much," said Lauridsen.

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 415,000 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. 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.

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Contact: Veronica L. Vera
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