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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.
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Publication:The National Public Accountant
Article Type:Brief Article
Date:Sep 1, 1991
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