NEW YORK, NY, July 26, 2012 – New York State Society of Certified Public Accountants (NYSSCPA) President Gail M. Kinsella issued a letter to Senator Charles Schumer (D-NY) this month urging his support of legislation that would vastly simplify the tax return filing process for businesses, estates and individuals.
Speaking on behalf of the more than 28,000 CPA members in New York State, Kinsella noted in the
letter that the current filing deadline for partnerships falls on the same day as partnering trusts, many estates, and individuals, and one month after the filing due date for corporations.
As a result, it is almost impossible for taxpayers and practitioners to file a timely and accurate return if partnership investments are involved. As a result, many of these taxpayers are forced to file for an extension on the return or file an amended return afterward. The filing process gets further complicated if the partnership also files for an extension.
Senate Bill 845 calls for the tax return due date for partnerships to be moved up from April 15 to March 15 in order to give taxpayers and practitioners time to receive and process the information necessary to file their own return.
“We believe this bill is pragmatic and necessary, as it resolves a tax administration issue that occurs frequently,” Kinsella wrote in the letter. “This will reduce the need for extended and amended corporate tax returns.”
Following its introduction, the bill was referred to the Senate Committee on Finance and has not been brought to the floor for a vote. The full text of the legislation can be found online
here.
About the NYSSCPA
Representing more than 28,000 CPAs, the NYSSCPA was the first state accounting organization in the nation. Incorporated in 1897, the Society is a not-for-profit organization that seeks to establish and maintain high standards of integrity, honor, and character among certified public accountants.
The New York State Society of CPAs is located at 3 Park Avenue in New York City. To learn more about the Society, call 800-633-6320 or visit the Society’s website at
www.nysscpa.org.