Treasury Extends Excise Tax Payment Deadline
ASAE had asked Treasury and the IRS for this relief
On April 9, the Internal Revenue Service (IRS) announced that, due to the COVID-19 pandemic, tax returns and payments for tax-exempt organizations and fiscal-year businesses due between April and June are now delayed until July 15, 2020.
The extension announced by Treasury Secretary Steven Mnuchin includes excise taxes that associations and other tax-exempt organizations pay on certain executive compensation. ASAE had asked Treasury and the IRS for this relief while associations continue to experience extreme revenue losses during the coronavirus pandemic.
“ASAE applauds the IRS for taking this step to alleviate some of the pressing tax demands on many associations during these unprecedented times,” said ASAE President and CEO Susan Robertson, CAE. “Associations’ revenue streams have been severely interrupted by forced event cancellations and loss of member engagement due to the ongoing COVID-19 pandemic. The fiscal challenges many associations are experiencing are far worse than in any other recent period in history. As our community makes daily, difficult decisions in order to continue to serve their members, the delay in tax filings and payments is one less immediate concern on their plate.”
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