Printer Friendly

The Tax Simplification Bill of 1991.

The Tax Simplification Bill of 1991

Tax simplification bills have recently been introduced in both the House and Senate. Under various provisions, the payment of taxes by credit card would be allowed, the rollover of gain on the sale of a personal residence would be permitted more than once in any two-year period, the due date for Schedule K-1s of large partnerships would be moved ahead to the 15th day of the third month following the close of the tax year (March 15 for calendar year partnerships), and, under a complete overhaul of the payroll tax deposit system, the eighth-monthly payment schedule would be replaced by Tuesday and Friday depositing. In addition, the payroll tax due date for small depositors (those depositing less than an average of $3,500 per quarter) would be the last day of the first month after the close of the quarter.

Perhaps one of the most significant aspects of the new proposals deals with the reporting requirements of widely held partnerships. The new rules would significantly reduce those items of partnership income or loss that are separately reportable to partners. Schedule K-1s would separately report only nine items of a partner's distributive share of various flowthrough items.
COPYRIGHT 1991 National Society of Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:The National Public Accountant
Article Type:Brief Article
Date:Sep 1, 1991
Previous Article:The Complete Guide to Equity Sharing: Everything You Need to Know to Create Profitable Equity Sharing Transactions.
Next Article:IRS plans for modernization.

Related Articles
Prelude to simplification: why taxes are so complex.
A glance back, a look ahead.
House bill offers fairness to small case claimants.
Comments on proposed tax simplification legislation July 23, 1991, and September 10, 1991.
Industry may not benefit from proposed tax bills.
Tax Executives Institute-Department of the Treasury liaison meeting: November 19, 1996.
Let's crack the code.
TEI, ABA, and AICPA joint project on simplification of the Tax Code.
Tax simplification proposals.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters