Representatives Bradley Schneider, D-Illinois, and Debbie Lesko, R-Arizona have introduced bi-partisan legislation that would change quarterly tax installment payment deadlines to the Internal Revenue Service by small businesses, estates, trusts, and those individual taxpayers who are gig economy and self-employed workers.
“American taxpayers need lawmakers to fight for them in Washington,” Schneider said in a statement. “For too long, the IRS has made paying taxes complicated and burdensome.” Currently tax deadlines are set at uneven intervals that don’t coincide with calendar year quarters. Deadline dates are expected to change to January 15. April 15, July 15, and October 15.
Edward Karl, AICPA vice president of taxation, stated on Wednesday, “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.”
SPS/GZ is following this proposed legislation and updates will be shared in future blog articles. SPS/GZ is a full-service tax reporting firm that provides personalized service and exceptional support, utilizing state-of-the-art technology to create and e-file Forms 1099, Affordable Care Act tax forms, and Forms 3921 and 3922. Reach out today at email@example.com or call at (888)375-3049.