US Chamber Urges IRS To Expand Pandemic Tax Relief

The IRS should extend and expand tax filing and payment relief to provide businesses with immediate liquidity so they can keep meeting obligations during the novel coronavirus pandemic, the U.S. Chamber of Commerce has told the agency in a letter.

While congressional efforts to address COVID-19's economic fallout are crucial first steps, the federal government will need to address tax payments and deadlines that fall outside the scope of current relief to ensure businesses can continue operating and paying employees, the chamber said in its letter, sent Thursday. For instance, the Internal Revenue Service should extend filing and payment deadlines to at least Oct. 15 as the country will still be feeling the impact of the outbreak beyond the extended July 15 date, the business group argued.

Relief should also be extended to fiscal-year taxpayers and those paying excise taxes, like those that businesses pay every other week and the new levy on certain nonprofit executive compensation due in May, the chamber said.

--Editing by John Oudens.

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