The U.S. Senate unanimously passed the Filing Relief for Natural Disasters Act, following the House’s unanimous approval earlier this year. The bill now moves to the President’s desk for signature.
Under this bipartisan legislation, once the state’s governor has issued a state-level disaster declaration, the Internal Revenue Service has the authority to postpone federal tax deadlines for affected taxpayers. Current law requires a federal disaster declaration before relief can be granted, which often delays critical support to those impacted.
The American Institute of CPAs (AICPA) released a statement following the bill’s passage.
“When taxpayers are impacted by a disaster, the stress, anxiety and emotional toll can be overwhelming – these people should be afforded every opportunity to meet their tax obligations without additional hardship,” said AICPA President & CEO Mark Koziel, CPA, CGMA.
SCACPA will continue to monitor this legislation and advocate for state and federal policies that support you and your clients. Find out what bills we are tracking.
Read AICPA’s full press release here: Taxpayer Victory – Natural Disasters Act to Deliver Rapid Relief and Certainty, Headed to President’s Desk for Signature
