AICPA-Backed Due Dates Proposal Passes House as Part of Highway Funding Bill

UPDATE:  The AICPA-backed due dates proposal passed the U.S. Congress as part of H.R. 3236, a three-month highway funding bill, on July 30 and was signed into law on July 31.  H.R. 3236 became Public Law No. 114-41.  For more details, see the July 30 Journal of Accountancy story.

Calendar with "15" circledThe multi-year effort by the American Institute of CPAs (AICPA) to have Congress modify the current schedule for filing certain tax returns took a major step forward when the AICPA-backed due dates proposal was included as Section 2006 of H.R. 3038, legislation to extend the Highway Trust Fund, which was passed on July 13 by the U.S. House of Representatives.  

The AICPA believes Section 2006 will create a more logical flow of information and assist taxpayers and tax professionals in filing timely and accurate tax returns.   Currently, taxpayers and tax practitioners have insufficient time to prepare accurate returns because required information from a flow-through business is not available under the current due-date schedule, requiring extensions to accommodate the current deadlines.

The champion for inclusion of the due dates proposal in H.R. 3038 was Representative Lynn Jenkins (R-Kan.), who introduced AICPA-supported due dates legislation in the past two Congresses.

AICPA President and CEO Barry C. Melancon, CPA, CGMA, expressed the Institute’s support for Section 2006 and praised the efforts of Representative Jenkins.

 “The AICPA strongly supports Section 2006 on tax return due dates filing improvements in H.R. 3038 and greatly appreciates the leadership of Representative Jenkins,” Melancon stated.  “It is because of her dedicated effort over the past five years that we had this opportunity in the House to change the filing deadlines.  The changes will reduce the need for extended and amended corporate and individual tax returns and will correct the mismatch of information flow that exists in the system today.”   

The state CPA societies have played a key role in advocating on behalf of the profession for due date modification legislation.  Individual CPAs have been enormously helpful in delivering the message to their lawmakers.  This issue has been one of the top concerns CPAs have raised with their elected representatives in recent years.  

The highway funding bill now being considered by the Senate includes due-date provisions similar to those in Section 2006 of the House bill.  As the highway legislation continues to work its way through the legislative process, the AICPA will keep pressing for inclusion of the due-dates provisions in the final version of the measure.