Posted July 1, 2021 by amcenroe_natp
Act amends IRC to include quarterly estimated income tax installments
APPLETON, Wis. (July 1, 2021) – The National Association of Tax Professionals (NATP) sent a letter to Representative Debbie Lesko (R-AZ-08) in support of the proposed Tax Deadline Simplification Act, which will amend the Internal Revenue Code (IRC) to have estimated income tax installments paid on a quarterly basis.
“This change would annualize income, which would make the system more representative of a four-quarter basis,” said NATP Executive Director Scott Artman. “This bill will ease tax planning, improve taxpayer compliance and decrease the taxpayer burden, all of which benefit taxpayers and the trained professionals who prepare their returns.”
Through its first-hand, regular interaction with the country’s federal tax preparers, NATP hears from its members how the current payment schedule can be confusing for their clients as the current schedule is not based on true quarters that other tax collection systems, such as payroll, follow.
NATP will continue to follow the progress of the Tax Deadline Simplification Act and push for the bill to be signed into law so its members and their clients will have a better experience filing their annual return.
About NATP: The National Association of Tax Professionals (NATP) is the largest association dedicated to equipping tax professionals with the resources, connections and education they need to provide the highest level of service to their clients. 23,000 members rely on NATP to deliver professional connections, content expertise and advocacy that provides them with the support they need to best serve their clients. The NATP headquarters is located in Appleton, WI. To learn more, visit www.natptax.com.
Looking for a tax expert? Rhonda Collins, EA, CPA, MBA, is the director of tax content and government relations at the National Association of Tax Professionals (NATP). Collins has a diverse background of over 25 years in the industry. As a licensed CPA and EA, Collins can represent clients before the IRS. She is available for phone or video interviews to discuss federal tax topics including tax law change and its implications, taxpayer issues, tax preparer regulation and more. To schedule an interview with Collins, contact [email protected]
|Contact Email||[email protected]|
|Issued By||National Association of Tax Professionals|
|Website||Tax Deadline Simplification Act|
|Phone||800-558-3402 ext. 1172|
|Business Address||3517 N McCarthy Rd
Appleton, WI 54913
|Categories||Finance , Government , Non-profit|
|Tags||Tax , tax act , Tax Professional , NATP , tax deadline|
|Last Updated||July 1, 2021|