In a May 15 letter to the IRS, the AICPA urged the agency to use “fair, reasonable and practical” penalty relief measures to mitigate the coronavirus pandemic’s impact on taxpayers.
The AICPA made a number of recommendations, including targeted relief, reasonable-cause penalty waivers and discontinuation of compliance issues until the IRS can devote the necessary resources for a proper and timely resolution of the matter.
The AICPA also recommended the IRS align the length of a requested account hold with the amount of time it takes to process and resolve any notice disputes, penalty abatement requests or coordination of alternative payment arrangements. Read more.