New Bill Looks to Move First Quarter
Estimated Tax Payment to May 15
Representative Lloyd Smucker (R-Pennsylvania) has introduced legislation to delay the deadline for the first quarter’s estimated tax payment deadline until May 17 in line with a request from accounting and tax professional groups.
Smucker has already gained support from many fellow lawmakers, and recently led a letter, cosigned by 59 other members of Congress on March 31, urging the IRS to reconcile the Q1 estimated payment deadline with the already postponed May 17 filing date. The IRS has not yet agreed to do so, and he introduced legislation to give congressional authority to the IRS to extend the date.
The Internal Revenue Service has already delayed the deadline for filing and paying taxes until May 17 for the majority of taxpayers due to the pandemic and its own difficulties with sending out Economic Impact Payments and implementing recent tax laws. But many taxpayers, especially small businesses, will still need to make estimated tax payments by April 15. Accounting and tax organizations like the American Institute of CPAs, the National Conference of CPA Practitioners and the National Association of Tax Professionals have been asking the IRS to push back the deadlines. Late last month, the IRS pushed back several other deadlines until May 17, such as making contributions to flexible spending accounts and health savings accounts and filing refund claims for 2017 taxes, but it has been unable or unwilling to push back the quarterly tax payment deadline without an act of Congress.
Galleros Robinson will continue to monitor and keep our readers updated on this important matter.
The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.