The American Institute of CPAs is support a Congressional bill that would simply quarterly installments for estimated income tax payments. The proposal would change the due dates for individuals for the second and third quarter so that all payments are due after the end of a quarter.The proposed law, H.R. 4214, the Tax Deadline Simplification Act, was cosponsored and introduced by Representatives Debra Lesko (R-AZ) and Bradley Schneider (D-IL).
Estimated payments are currently due on the fifteenth day of April, June, September and January.
“The current structure can be confusing and can easily result in unintended mistakes— changing the dates as proposed in this bill is a commonsense approach that will allow for the flow of more accurate information to taxpayers,” Edward Karl, the AICPA’s VP of taxation, said in a prepared statement.
