Bill introduced to change estimated tax installment due dates

A bipartisan bill was recently introduced in the U.S. House of Representatives that would move estimated tax deadlines to a quarterly basis. The Tax Deadline Simplification Act would establish that estimated tax installments for individuals, businesses, estates and trusts are due 15 days after the end of each quarter. The revised deadlines would be the 15th day of January, April, July and October. The payment schedule is currently set at uneven intervals not aligned with calendar year quarters: January, April, June and September. The bill’s sponsors emphasize that the deadline realignment would tie the dates to normal quarterly dates. We’ll keep you updated on any progress with the bill.