Every year, millions of people in the United States complete the process of filing their taxes. Naturally, there are several ways that taxes can be filed and not everyone falls into the same category. Because of this, it is no surprise that there are different due dates for each possible filing status option.
Benefits of this Modification
For years, there has been a great amount of debate regarding certain tax due dates. It was believed that the current system caused disconnect between the availability of information and the timing that taxpayers received that information.
To help with this situation, CPAs from around the country have campaigned heavily over the past few years for tax due date modifications. Finally, in August of 2015, their hard work paid off and the President signed a bill into law that would finally give CPAs the adjustments that they were looking for.
How was the Bill Passed?
Before the bill got to this point, quite a bit of effort was placed into the process. CPAs first voiced their concerns revolving the flow of information that the previous due dates created. Later, Lynn Jenkins, a Representative from Kansas and Mike Enzi, a Wyoming Senator, stepped up to the plate and began the process of getting the bill written and approved.
These changes were part of the Highway Trust Fund funding bill and will go into effect in 2016, which will affect the 2017 filing season. While not every form is seeing changes, there are several that will be effected by the changes that are taking place. In general, many forms will allow for an extra month to be used during the completion process.
To help pass this bill, many individual CPAs began passing their concerns to their representatives and senators. This allowed legislatures to see the impact that these changes would have on the industry first hand. With this information, they were convinced that making tax due date modifications was in the best interest of the population.
These changes will have a positive effect on many businesses and individuals who are required to file the particular forms that were effected.
Having an accurate picture of your tax obligations is always beneficial. It is something that will help you plan for coming years and avoid any audit surprises that may surface. Learning about these changes is something that all businesses should spend some time doing. To help with this process, be sure to contact us. As a Naperville CPA firm, we will help you to discover exactly how your business will be effected by these changes.