What We Are Reading This Week - March 20, 2020

An official announcement regarding a new Tax deadline, helpful tips to mentally cope with the pandemic and a message from AICPA. Whether you have been quarantined, or are still able to go to work, it is virtually impossible to escape all news around. Find out helpful tips inside the article to pause for a second and keep calm.

Staying-Sane-During-The-Coronavirus-Pandemic Edition

1. BREAKING NEWS: Income Tax Filing Deadline Moved to July 15 from April 15

by Insightful Accountant

It’s official. The Tax Filing Date has been extended due to the coronavirus crisis. Insightful Accountant reports on the breaking news.

Mnuchin announced the decision in a tweet Friday saying that at President Donald Trump’s direction “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

2. Is there a right way to worry about coronavirus? And other mental health tips

by Miranda Bryant

Whether you have been quarantined, or are still able to go to work, coronavirus affects you on the mental level. It is virtually impossible to escape all news around it and it’s important to pause for a second and think what you and your loved ones (especially those, who are vulnerable), can do to keep your mental health in check. Read more in this article from the Guardian.

3. AICPA CEO Says IRS Must Extend Tax Filing Deadline

by CPA Practice Advisor

Update: Tax Filing Deadline Has Been Extended. But we still felt it was important to share who was fighting for America’s businesses behind the curtains. American Institute of CPA’s did a lot to secure this victory.

Official statement from the American Institute of CPA’s asking the Treasury to extend April 15th filing deadline and outlining the reasons for it, among which are the following concerns:

Given the current environment, this extension process is impossible for many taxpayers. Treasury must act immediately by extending the April 15th filing deadline and providing more clarity on the details of recent relief actions.