The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-03-04
LAST DAY FOR returns.
EXTENSION OF THIRTY DAYS FOR
INCOME TAN RETURNS PER-
MiSSiBLE BECAUSE OF
ILLNESS OR AB-
SENSE.
Collector Hayward Says 1t VIII Be
Wednesday Before Amount Realized
FROM Federal InpOst Can be Esti-
mated-LOsS by Corporation IN
cInptiOn Slight.

mitcu-LOSS by Corporation IN
cmptiOn Slight
Columbia, March flowing to the
rush in our Office" said D. c. Hey
warn, collector of internal revenue,
yesterday, it is impossible to Civ
an estimate Of the amount that this
Office will collect under the income tax
Jaw. For the last two weeks the Of
fee force has been working Is hours
day, handling the large number OF
returns and the correspondence, which
has averaged about 125 letters each
day. These letters ask for searching
Information and often present diff
cult technical questions requiring close
consideration
"All / can do" continued Collector
lieyWard, is to give to the inQuirers
my construction of the law, and while
have given each question careful
consideration the final court o. ap-
peal is the department in Washing
ton. Returns, however, must be in
our Office by midnight Of Monday,
March = and if the return is not
lied by that date by reason Of sick
ness or absence Of the individual, an
extension OF tisAe not exceeding 80
days, within which TO file such return
may be granted by me, provided q
written application therefor is made
By The individual within the period
1or which such extension is desired" "
Collector Hayward went or to say
chat great interest throughout the
country was being manifested in re-
gard 10 the amount that VIII be raised
under the income tax law. lie stat
ed that his Office was in receipt of
tc,cgrams from many newspapers.
especially those in the North, asking
for an estimated amount of returns.
This il will hardly be possible to fur
nish before "Wednesday, as in addition
TO the newspaper requests the treas
ury department in Washington has
requested an estimate at the earliest
possible date.
Until returns are actually in it is
hard 10 arrive At the correct amount
OWNS 70 the fact that thore are so
many deductions from gross income
"ilowed under The federal law. IN
th.3 regard the federal law is much
more ler.cnt than the STATE income
o.; law OF south Carolina, as under
The nyW .aW interest on feGcral, state
and municipal bonds need not bo in
-.uGcd il the returns. since the
Blanks for returns have been pre-
pared the treasury department has
oeen forced 10 rule that dividends .e-
II, ed from stock OF corporations,
which arc themselves slbject TO tax,
need not be included n the returns
g.: The norma! tax.
IS 4 number OF people in South
( Carolina and in the Cnitod states
nave invested money in local coIDo-
IatiGna, it Wou!G seem that the less
80 the government would be very
large, Lut the loss is apparent and
rot real.
The reason for this is that corpo-
rations are taxed 1 per cent on the
profits, whereas under the old law
they were allowed an exemption of
! $1,000, and When the profits did not
exceed that amount there was lc tax
at all. The present law repealed this
exemption and the net profits, what
ever the amount, are subject 10 the
lax.
1T has been estimated by Collector
iicyw&iU that under The old law only
% per cent of the corporations u
this state we're subject TO taxation.
1t is optiona! with the pcople
whether they send money at the time
Of making the return. Collector Hey
ward advises that il is better to wait
until notified, as the money does II 5t
have TO be rcmitted before June 80.
When rcmittanccs are sent in it is
requested that they he either checks
on Columbia banks, New York cX-
change, postollice or express money
order The procedure of handling &C.
turns is for the collector TO send them
TO v ashinGton, where they are r.
Following this inspection by the Of
ice in Washington they arc returned
10 thc loc;l ollico and notices are sen.
fur the rpmiuauccs.