110 are for violation of provisions of the Tax Code for willful attempt to evade or defeat tax and failure to file return, supply correct and accurate information, pay tax, withhold and remit tax and refund excess taxes withheld on compensation for taxable years
It is settled in jurisprudence that once the option to carry over the excess and apply the excess quarterly income-tax payments against income-tax due for the taxable quarters of the succeeding taxable years
has been made, such option shall be considered irrevocable for that taxable period and no application for cash refund or issuance of a TCC shall be allowed.
In addition, while the tax return filing date for calendar-year New York City C Corporations in remains the 15th day of the third month following the close of the taxable year
, the estimated tax mandatory first installment will continue to be due on the 15th day of the third month (March 15 for calendar-year taxpayers) on a new form CT-300.
This change to the understatement measurement is effective for taxable years
beginning on or after Jan.
The regulations provide that such a qualified individual is not required to file Form 8938 unless the aggregate value of the specified foreign financial assets in which the individual has an interest exceeds $200,000 on the last day of the taxable year
, or S 300,000 at any time during the taxable year
Generally, the "required annual payment" is the lower of (a) 90% of the tax shown on the return for the taxable year
(or, if no return is filed, 90% of the tax for the year), or (b) 100% of the tax shown on the return for the preceding year (but only if the preceding taxable year
consisted of 12 months and a return was filed for that year).
Last Congress, bills were introduced in the House and Senate (S 2462 and HR 4006) that would allow start-up small partnerships and S corporations (that is, those with gross receipts less than $5 million) to elect taxable years
other than the calendar year (for example, a July 1 to June 30 taxable year
In each taxable year
of the trust during the unitrust period, the Trustee shall pay to [permissible recipient] (hereinafter "the Recipient") a unitrust amount equal to [a number no less than 5 and no more than 50] percent of the net fair market value of the assets of the trust valued as of the first day of each taxable year
of the trust (hereinafter "the valuation date").
The unrecognized section 987 gain or loss for each year is based on the difference between the "owner functional currency net value" of the Section 987 QBU on the last day of the current taxable year
and the "owner functional currency net value" on the last day of the preceding taxable year
payment of which is made within the taxable year
" to certain tax-exempt, nonprofit organizations.
Schedule M-3 is effective for any taxable year
ending on or after December 31, 2004, but a corporation is only required to complete certain sections of Schedule M-3 in the first taxable year
the corporation is required to file the schedule.