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This document contains final regulations under section 6654 of the Internal Revenue Code (Code) relating to reduced estimated income tax payments for qualified individuals with small business income for any taxable year beginning in 2009 and does not apply to any taxable years beginning before or after 2009. The final regulations implement changes to section 6654 made by the American Recovery and Reinvestment Act of 2009. The final regulations provide guidance for qualified individuals with small business income to certify that they satisfy the statutory gross income requirement for purposes of the reduction in their required 2009 estimated income tax payments.
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D. 9347, under Section 6655, provides guidance with respect to estimated tax payments by corporations.
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A corporation that recently converted from C status to S status can avoid penalties for underestimating estimated tax payments by making timely quarterly payments for built-in gain attributable to property held by the corporation while filing as a C corporation. Business credit recapture and taxation of excess net passive income are also subject to estimated tax payments as forms of corporate income tax. S corporations can claim estimated payments of zero if the last year's excess net passive income was zero.
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New IRS regulations regarding repairs and maintenance of tangible property will affect most businesses. But cashing in big time by saving tax dollars will be commercial real estate firms and others that own a lot of property. The byzantine new regulations, documented over more than 250 pages, went into effect Jan. 1, and affect all businesses writing off costs to repair, maintain, improve or replace property. There are several important takeaways, which will invariably lead to discussions with accountants, the preparation of additional documents, possible changes in quarterly estimated tax payments and the filing of a new form come tax time.
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Estimated tax payments will be accelerated in some cases in order to pay for extended unemployment benefits which were signed into law on Nov 15, 1991. Under the old law, people could compute their current year's estimates based on the prior year's tax even if they knew their current income would be higher. The new deferral will only be applicable to the first estimated tax payment. 'Passthrough' entities, such as sole proprietorships, partnerships and Subchapter S corporations will have to figure out their net income four times a year.
