This article provides a summary on the status of disaster relief legislation in Washington, DC. The Senate Finance Committee task force charged with studying temporary tax policy could not reach consensus on whether taxpayers should get automatic tax relief after federally declared disasters.
Details of the task force’s considerations are within the article. NCACPA, along with the AICPA team based in Washington, DC, will continue to advocate for tax relief on behalf of our members, their clients and businesses, and the state of North Carolina.
As of this afternoon, despite repeated outreach, the Association has not received a response from the IRS Commissioner of the Small Business & Self-Employed division with regards to our appeal for an extension of the Oct. 15 deadline.
*This content is attributed to a third-party provider, Tax Notes, to whom NCACPA has no business affiliation. Tax experts who write for this publication have generously offered the Association this content to share with our members.