The National Conference of CPA Practitioners (NCCPAP) announces its support of H.R. 4214, commonly referred to as The Tax Deadline Simplification Act. Co-sponsored and introduced by Representatives Debra Lesko (R-AZ) and Bradley Schneider (D-IL), this bipartisan legislation, if enacted, will simplify the quarterly installments for estimated income tax payments by individuals, changing the due dates for the second and third quarter estimated federal income tax payments to have all quarterly payments due 15 days after the end of a quarter.
According to Stephen Mankowski, Co-Chair of the NCCPAP Tax Policy Committee, “Every year, we as tax return preparers are asked by clients, why the first two quarterly payments are two months apart and the last two payments are four months apart. They are confused by the timing of the payments because the second and third payments must be made before their respective quarters are over.” Under current law, estimated tax payments are due in April, June, September, and January of the following year. By moving the due dates of June and September to July and October, it makes it a little easier for those taxpayers who have to make estimated tax payments to align with the fiscal year and thus calculate more accurate payments.
This bill has bipartisan support, and other organizations are coming out in support of it along with NCCPAP.
The National Conference of CPA Practitioners (NCCPAP) is a professional organization comprised of Certified Public Accountants practicing in the United States. In addition to serving as a forum for education, networking, and community impact, NCCPAP also advocates for its clients. NCCPAP influences tax administration and tax policy by regularly meeting with Internal Revenue Service representatives, state taxing authorities, and elected officials. NCCPAP members represent over one million businesses and individual clients. The organization is headquartered in Woodbury, NY. For more information visit, www.NCCPAP.org.
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Francine Carb Neil Fishman