Federal Estimated Tax Payments: Meeting Tougher New Demands

Mastering the IRS' Complex New Formula and Avoiding Penalties

Recording of a 100-minute CPE webinar with Q&A


Conducted on Thursday, February 21, 2008

Program Materials

Description

For more than 20 years, U.S. companies were able to estimate quarterly federal income tax payments under 1984 regulations that were so brief and open to interpretation that taxpayers could keep payments artificially low. No more.

Under finalized new Sect. 6655 regulations that took effect Sept. 6, 2007, companies must follow a comprehensive new set of estimation guidelines that represent a significant departure from traditional practice. Many long-used deductions from estimated income are eliminated by those regulations.

As calendar-year taxpayers prepare to make their April 15 estimated tax payment, companies and their accounting firms must understand all key aspects of the important new regs, become familiar with the new formula and what deductions remain, and adjust processes to gather different data.

Listen as our panel of veteran federal tax advisors brings you up to speed on all important aspects of the new estimation regimen and suggests vital adjustments to your company's compliance process.

READ MORE

Benefits

The panel will bottom-line these and other critical issues for you: 

  • What the new tax-estimation process will do to your company's budgeted cash flows.
  • How that estimation process will affect processes you've already set up to determine quarterly estimated tax payments.
  • The impact of the new "reasonable" standard on how your company calculates estimated tax.
  • How to calculate annualized taxable income, given the new economic performance requirement and items such as NOL carry forwards and Sect. 481(a) adjustments.

Faculty

Rich Shevak
Rich Shevak
Federal Tax Manager
Grant Thornton

He provides technical support to clients and firm professionals on a wide range of federal tax accounting issues. He...  |  Read More

Edwin Geils
Edwin Geils
Managing Director, National Tax Services Group
PricewaterhouseCoopers
Jim Fielding
Jim Fielding
Tax Partner
BDO USA