Retail Group Seeks Filing Extension for Fiscal Year Taxpayers
Retail Group Seeks Filing Extension for Fiscal Year Taxpayers
- AuthorsKoenig, David G.
- Institutional AuthorsRetail Industry Leaders Association
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-14426
- Tax Analysts Electronic Citation2020 TNTF 73-22
March 26, 2020
The Honorable Steven Mnuchin
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20220
Dear Treasury Secretary Mnuchin:
Last week, the Treasury Department issued Notice 2020-18, which delayed the filing date and tax payment owed from April 15 to July 15 for both individuals and corporations who are calendar year taxpayers. RILA was extremely supportive of this measure as a way to significantly help the cash flow and liquidity situation for individuals/consumers and businesses alike.
Unfortunately, the filing date/payment extension under Notice 2020-18 only applies to calendar year taxpayers. For business reasons, many retailers file their tax returns on a fiscal year rather than on a calendar year basis. Since such fiscal year taxpayers have a filing date other than April 15, the Notice denies them the ability to defer filing and payments for three months like calendar year taxpayers can. In a set of FAQ's issued, the question was asked of whether taxpayers with filing and payment deadlines of other than April 15 were covered under the Notice. The answer was they have not been granted relief at this time.
This inequity needs to be rectified immediately so an additional large segment of the retail community, among others, is afforded the cash/liquidity benefits associated with the later filing/payment deadline.
Thank you for your attention to this urgent matter.
Sincerely,
David G. Koenig
Vice President, Tax
Retail Industry Leaders Association
Washington, DC
- AuthorsKoenig, David G.
- Institutional AuthorsRetail Industry Leaders Association
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-14426
- Tax Analysts Electronic Citation2020 TNTF 73-22