Natural Disasters Act Headed to President’s Desk

Earlier this year, the House of Representatives unanimously passed the Filing Relief for Natural Disasters Act (H.R. 517), and this week the Senate followed suit, passing the bill by unanimous consent. The bill now heads to the President’s desk to be signed into law.

The passed legislation gives the IRS the authority to extend federal tax deadlines from 60 days to 120 days for taxpayers affected by a qualified disaster, as soon as a state governor issues a disaster or emergency declaration. Previously, tax relief could only be triggered by a federal disaster declaration—a process that often took weeks or months. This new approach allows relief to be provided faster, giving taxpayers the time and relief they need to focus on recovery.

“The passage of this important legislation is a major win for taxpayers and tax practitioners across the country,” said AICPA President & CEO Mark Koziel, CPA, CGMA. “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. We applaud the actions taken by members of Congress to set aside political ideology and unanimously support taxpayers by providing disaster victims’ timely relief. This bill will allow those impacted by a natural disaster to have certainty that tax filing deadlines will be extended earlier in the process, and sometimes before the disaster occurs, so they can focus on their safety.”

The Filing Relief for Natural Disasters Act has been a priority for the American Institute of CPAs (AICPA) and state CPA societies across the country in an effort to ensure taxpayers receive quicker tax relief when needed. Get more information on the bill from the AICPA.