AICPA Voices Support for Tax Deadline Simplification Act
Washington, D.C. (June 26, 2023) – In a letter to members of the House of Representatives, the American Institute of CPAs (AICPA) expressed its support of H.R. 3708, the Tax Deadline Simplification Act. In the letter, the AICPA commends Representatives Debra Lesko (R-AZ) and Brad Schneider (D-IL) for their efforts to simplify the quarterly installments for estimated income tax payments by individuals.
Currently, small business owners and individuals are required to pay quarterly estimated tax payments April 15, June 15, September 15 and January 15. The AICPA notes that the spacing between these dates does not tie to traditional quarters, which can cause confusion for many individuals, including self-employed individuals, and create challenges to compute and pay timely.
The AICPA supports altering the due dates for estimated tax payments, stressing that changing the June 15 and September 15 dates to July 15 and October 15, respectively, would space the dates evenly three months apart and more closely tie to the normal quarter date, which is traditionally 15 days after the quarter end. This change will make it easier for taxpayers to meet their tax obligations in a timely manner.
“As we continue to look for ways to simplify and improve tax administration in a constantly-changing environment, the AICPA believes that this simple adjustment will be a benefit to taxpayers, including those who are relatively new to filing and paying quarterly estimated taxes,” said Peter Mills, Senior Manager for Tax Policy & Advocacy with the AICPA. “Aligning the dates with calendar quarters will help to facilitate greater and more timely tax compliance.”
About the American Institute of CPAs
The American Institute of CPAs® (AICPA®) is the world’s largest member association representing the CPA profession, with more than 421,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.
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Contact: Veronica L. Vera
202-434-9215
Veronica.Vera@aicpa-cima.com