National Tax Day (April 15th) has not been modified since 1955. In 1955, the federal tax code was 929 pages. Today, the federal tax code is approximately 7,000 pages, yet Tax Day has not changed. 

Accuracy matters. The proper calculation of tax liabilities is important for both Treasury and taxpayers.

Often, individual taxpayers are receiving and gathering tax documents until mid-March. Partnerships and S-Corporations have a tax deadline of March 15th so that the individual partners/shareholders have the information necessary to complete their individual tax returns by April 15th. However, many businesses request an extension of time to file, which not only forces individual partners/shareholders to extend their individual returns but often leaves them without adequate information for their individual tax liability calculations. 

When an individual taxpayer files an extension request with the IRS, it only grants additional time to file the tax return. It does not extend the time to pay. Therefore, taxpayers must pay their tax liability by April 15th or face interest and penalties on any unpaid liability. Without almost fully preparing a tax return, it is difficult to properly calculate a taxpayer’s liability. Taxpayers and tax professionals seeking assistance from the IRS may not have their calls answered. The extension process for individual taxpayers is burdensome and could be simplified.

What are possible solutions? An easy solution is to allow extensions to not only extend the time to file but also the time to pay. If that's not feasible, #changetaxday and permanently move Tax Day to May 15th, June 15th, or July 15th. 

Accuracy matters. We need additional time to ensure the taxpayers are paying the proper amount of tax. Our tax environment has evolved to include digital assets, strict foreign-reporting requirements, and clean energy tax credits. Our tax filing deadline also needs evolution.