Taxpayers may redesignate estimated income tax payments.
Many taxpayers have informed the Service that their tax liability for the current year will be lower than their estimated income tax payments, because of the economic disruptions caused by the Sept. 11, 2001 terrorist attacks. Ann. 2001-112 clarified that the IRS will allow taxpayers to redesignate estimated income tax payments (in whole or in part) as tax deposits to satisfy obligations to deposit employment taxes imposed by Chapters 21 (FICA), 22 (RRTA) and 23 (FUTA) of the Code, and income taxes withheld under Chapter 24.
FROM WALTER GOLDBERG, WASHINGTON, DC
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|Author:||Kautter, David J.|
|Publication:||The Tax Adviser|
|Date:||Jan 1, 2002|
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