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New BNA Tax Portfolio Outlines Requirements For Paying Estimated Tax

NEWS RELEASE

Contacts:
Mark Carrington
(202) 530-1728

Washington, DC (February 20, 2007) – BNA®, publisher of the authoritative and universally recognized Tax Management Portfolios, has released the latest addition to the U.S. Income series. Portfolio 581-2nd  Estimated Tax describes in detail the standards by which individuals, corporations, estates, trusts, tax-exempt organizations, and private foundations pay estimated tax.

This Portfolio discusses applicable Code sections and analyzes (1) the requirements to pay estimated tax; (2) the amount and timing of each required installment payment; (3) the penalties for not making timely tax payments; (4) the exceptions to these requirements; (5) the required payments for certain partnerships and S corporations that use a fiscal year; and (6) the amounts required to be withheld and paid over by partnerships with foreign partners.

Different rules apply to individuals and corporations. Depending on a taxable year, certain partnerships and S corporations must make "required payments.'' Partnerships with foreign partners must also withhold and remit to the IRS in a manner similar to estimated tax payments a portion of the foreign partner's distributive share of income that is effectively connected with a U.S. trade or business partnership.

This Portfolio may be cited as BNA Tax Portfolio 581-2nd Tarr, Alan J. Estimated Tax (U.S. Income).

Alan J. Tarr is Partner and Chair, New York Tax Department of Loeb & Loeb LLP and a member, of the Tax Management Advisory Board. He has authored "Estimated Tax," "Formation of a Corporation," "Capitalization of a Corporation," "Multiple Corporations," and "Stapled Entities" for Tax Practice Series; and co-authored 59 T.M., Corporate Liquidations: Planning and 634 T.M., Civil Tax Penalties. He is a member, New York Bar, New York State Bar Association (Tax Section; Executive Committee (1995-2004); former co-chair, various committees) and American Bar Association (Tax Section; Vice-Chair, Real Property, Probate and Trusts Committee on Federal Taxation of Real Property (2004- ). Mr. Tarr graduated with a B.S., Brown University (1975); J.D., Vanderbilt University School of Law (1979); M.B.A., Vanderbilt University Graduate School of Management (1979); LL.M. (Taxation), New York University School of Law (1982).

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BNA is the foremost publisher of print and electronic news, analysis, and reference products, including the recently launched Accounting Policy & Practice Series.  BNA publications intensely cover legal and regulatory developments for professionals in business and government. BNA is the oldest wholly employee-owned company in the United States, and produces more than 200 news and information services — including Daily Labor Report and Daily Tax Report — widely respected for comprehensive and objective reporting and analysis.

For more information about the BNA Tax Management Portfolios, call (800) 372.1033