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Unformatted text preview: 28th June 2011 Module 1, Group 3, GDB 1 RE: Describe the installment method, and whether it provides a benefit to a taxpayer. The installment method is where a taxpayers pay taxes on the sale of property etcetera. This method allows taxpayers the ability to pay taxes that are owed on a sale of property in installments rather than a lump sum. The Connecticut Department of Revenue Services has issued an updated on alternate annualized installment method (CONNECTICUT: Income Tax: Guide to Annualized Estimated Income Tax Installments Updated, 2011). Under this method, the taxpayer's required installment for one or more payment periods may be less than the amount of the installment calculated using the regular installment method (CONNECTICUT: Income Tax: Guide to Annualized Estimated Income Tax Installments Updated, 2011). The requirements to use this method applies to gains (but not losses) from the dale of property by a taxpayer who will receive at least one payment after the year of sale (Willis,...
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This note was uploaded on 07/18/2011 for the course ACCT 412 taught by Professor D during the Spring '11 term at Lee.
- Spring '11