On Friday, Barry Melancon, president and CEO of the AICPA, applauded Congress for changing the due dates of certain tax returns in order to make the information flow between corporations, partnerships and individuals more logical, and which will reduce the need for extending and amending corporate and individual tax returns.
The due dates provisions are included in H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which gained final Congressional approval July 30 and was signed into law by President Obama today.
“Taxpayers scored a victory today when President Obama signed into law a bill that changes the due dates by which certain tax returns must be filed," said Melancon in a statement. The new structure will provide more accurate information to taxpayers in a more logical flow and reduce the number of extended and amended individual and corporate tax returns that are filed each year. On behalf of the accounting profession, the AICPA extends a heartfelt “thank you” to Kansas Representative Lynn Jenkins and Wyoming Senator Mike Enzi, who have championed due dates legislation for several years. Their leadership was key to this success.”
For more on the AICPA, head to their site here.