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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.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Aug 1, 1992
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