Get ready for the 1994 tax season

Article Abstract:

Tax preparers getting ready for the 1994 tax preparation season should be aware of a number of changes in this returns due on Apr 17, 1995. The personal exemption is $2,450, and the standard deduction ranges from $3,175 to $6,350, depending on filing status. Second installments are due for 36% and 39.6% taxpayers electing to defer 1993 liability. Estimated tax payments are due in Jan 1995 and Apr 1995, and high income taxpayers making estimated payments will have to pay 110% in 1995. Additional provisions, including deductions and tax credits, have expired.

Management, Tax consultants

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Disclosure key to avoiding understatement penalties

Article Abstract:

The IRS has released Revenue Procedure 96-58 to identify the level of disclosure sufficient to avoid the imposition of substantial understatement penalties for tax positions contrary to IRS policy. The Procedure requires taxpayers to provide all required forms and other information, provide verifiable amounts and present return information consistent with specific guidelines. The disclosure guidelines are detailed for income reconciliation, itemized deductions, business deductions and other items.

Public Finance Activities, Tax Evasion & Penalties, Laws, regulations and rules, Disclosure statements (Accounting), Tax penalties

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Lowering your estimated tax payments

Article Abstract:

Taxpayers that are required to make estimated tax payments should consider using the annualized method for calculating estimate payments if their work is seasonal and results in inconsistent income throughout the year. The regular method requires quarterly installment payments that are roughly equal. Annual estimates are made on a quarterly basis under the alternative method. Taxpayers planning to use the annualized method must report payments on form 2210, schedule AI.

Planning, Taxation, Seasonal employees, Estimated taxes

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