1.
This Act may be cited as the
Paperwork Relief for Small Business
Act of 2005
.
2.
Paperwork reduction for small taxpayers
(a)
Subsection (d) of section
5061 of the Internal Revenue Code of 1986 (relating to time for collecting tax
on distilled spirits, wines, and beer) is amended by redesignating paragraphs
(4) and (5) as paragraphs (5) and (6), respectively, and by inserting after
paragraph (3) the following new paragraph:
(4)
Taxpayers liable for taxes of not more than $50,000
(A)
In the case of any taxpayer who reasonably expects to be liable
for not more than $50,000 in taxes imposed on wines and beer under subparts C
and D for the calendar year and who was liable for not more than $50,000 in
such taxes in the preceding calendar year, the last day for the payment of tax
shall be the 14th day after the last day of the calendar quarter during which
withdrawal occurs.
(B)
No application after limit exceeded
Subparagraph (A) shall not apply to any taxpayer for any
portion of the calendar year following the first date on which the aggregate
amount of tax due under subparts C and D from such taxpayer during such
calendar year exceeds $50,000, and any tax under such subparts which has not
been paid on such date shall be due on the 14th day after the last day of the
semimonthly period in which such date occurs.
(C)
For purposes of this paragraph, the term calendar
quarter means the three month period ending on March 31, June 30,
September 30, or December 31.
.
(b)
The amendments made by this section shall take effect 90 days
after the date of the enactment of this Act.