Alexandria, VA, July 1, 2021 — NSA expresses support for the proposed legislation, Tax Deadline Simplification Act, introduced by U.S. Congresswoman Debbie Lesko (R-AZ) and Representative Bradley S. Schneider (D-IL).
The bipartisan legislation will streamline the quarterly installments for estimated income tax payments for individuals and small businesses, setting the deadlines to 15 days after the end of a quarter. This legislation would move the deadlines to January 15th, April 15th, July 15th, and October 15th.
Current law sets estimated tax payment deadlines at uneven intervals that do not align with calendar year quarters. This causes unnecessary confusion to the rising number of gig economy and self-employed workers, interfering with their ability to submit timely payments.
“NSA is delighted to have been a part of the preliminary discussions on Capitol Hill that led to this important bipartisan proposal being introduced,” said John Rice, CEO. “The central issue affecting individual taxpayers, small businesses, estates, and trusts alike is that the current schedule is not based on true calendar quarters. Having spent recent months working to reduce tax filing season complexities, NSA supports this commonsense approach that would ease the burden on federal tax return preparers and their clients.”
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