PROVIDENCE – As concerns over the new coronavirus grow, filing taxes is the last thing on most people’s minds.
Except for tax preparers, that is, who are under the gun to meet tax filing deadlines for corporations and individuals.
Under original deadlines, corporate filings were due March 16, while individual filings must be turned in by April 15.
The Rhode Island Society of Certified Public Accountants, joining with the American Institute of Certified Public Accountants and other state and local groups, has asked federal officials to delay both deadlines and relax penalties for late filings.
Melissa Travis, president of RISCPA, said at least half of RISCPA members said they would have difficulty meeting the March 16 corporate filing deadline.
Lack of access to on-site records for corporate clients has made it challenging for some CPA firms to finish necessary paperwork, Travis explained. Additionally, while most firms have the capability to finish filings virtually, the push for remote work has complicated meeting deadlines in some of the smaller companies, she said.
Alan Litwin, CPA and partner at Kahn, Litwin, Renza & Co. Ltd. in Providence, said he welcomed a delay in deadlines, both for individual and corporate filings. However, he also said the firm was on track to meet the existing deadlines and fully able to complete its work remotely if needed,
Richard DeRienzo, a partner in Citrin Cooperman’s Providence office, was equally confident in meeting the deadlines, but likewise advocated for an extension to the individual filing deadline.
“Right now, our clients are focused on two things: how to protect their business and how to protect their family,” DeRienzo said. ‘Their focus is not on gathering the information we need to file their returns.”
Even if the federal tax deadline is extended, state deadlines would also need to be pushed back for CPAs to see any sort of benefit, Litwin said, noting that his firm files returns for people across all 50 states.
The R.I. Department of Administration said on Friday that Gov. Gina M. Raimondo has not yet made a decision on whether to extend the state’s tax filing deadlines.
Nancy Lavin is a staff writer for the PBN. Contact her at lavin@pbn.com.
