Printer Friendly

Estimated tax changes face hurdles, tax division issues guide.

The House Ways and Means Committee and the Senate Finance Committee failed to include a provision to revise estimated tax rules in legislation granting additional emergency unemployment benefits. While the measure was dropped from the unemployment bill, it may still be introduced in other legislation pending before Congress.

The change in the estimated tax rules, which is supported by the American Institute of CPAs, would repeal rules enacted last November accelerating estimated tax payments for certain individuals. The AICPA opposed the new rules as too complicated and burdensome.

The proposed revision would allow all individuals to use a safe harbor for estimated taxes based on 115% of last year's tax liability.

A tax bill passed by Congress last March and subsequently vetoed by President Bush would have modified the new estimated tax rules for individuals along the lines recommended by the Institute.

Guide available. The AICPA tax division issued to its members the Estimated Tax Practice Guide, which highlights major issues facing taxpayers who must pay estimated taxes under the current rules. To receive a copy, send a 10" x 13" self-addressed, stamped envelope with $.75 in postage to AICPA, Estimated Tax Practice Guide, 1455 Pennsylvania Avenue, NW, Washington, D.C. 20004-1081.
COPYRIGHT 1992 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Aug 1, 1992
Words:202
Previous Article:Staff performance evaluation checklist.
Next Article:IRS gets new, more flexible guidelines on offers in compromise.
Topics:


Related Articles
Estimated tax rules opposed by AICPA.
Corporate estimated tax payments.
FASB statement encourages recognition of stock compensation cost.
EDI and the tax department.
Taxpayer relief or taxpayer headache? Simplicity sacrificed once again.
Looking Ahead.
Starting and Operating a Child Care Center.
Estimating certainty: Property Taxes, Corporate dissolution and more.
TEC initiatives.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |