The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1919-02-28
EXTENSION OF PAYMENT
UNDER CERTAIN CONDITIONS

Although no general extension of
time will be authorized for filing
Federal income tax returns due
March 18th, the Commissioner of In
ternal Revenue has approved a novel
feature of tax collection which will
serve for all practical purposes as a
possible extension of AS days for the
filing of corporation income and ex-
cess profits tax returns in cases where
corporations are unable to complete
and file their returns by March 18th.
If a corporation finds that, for good
and sufficient reason, it is impossible
to complete it's returns by March Is,
it may make return of the estimated
tax due and make payment thereof
not later than March 15. If merit
orious reason is shown as to why the
corporation is unable to complete it's
return by the specified date, the Col
ector will accept the payment of the
stimated tax and agree to accept the
revised and completed tax return
within a period of not more than As
days.
Under the plan adopted for corpor-
alton payments and returns, the gov
eminent will be able to collect APP
proximately the amount of tax due on
or before March Is, thus meeting its
urgent needs; and corporations actu-
ally requiring further time for prepa-
ration Of their complete returns will
be granted ample time in which to do
so.
One of the advantages of this plan
is that it relieves the taxpayer of one
half of one percent interest per
month that would attach to the pay
ment of the taxes under an extension
granted at the request of the taxpayer.
The taxpayer will, of course, not be
relieved of interest on such amount as
his payment may fall short of the
tax found later to be due on the ba-
sis of his final return.
Should the payment on March Is
of the estimated tax due be greater
than the tax eventually found to be
due on examination Of, the completed
return, the excess payment will au-
tomatically be credited to the next in
stallment which will be on June 15
Provision for systematically hand
ling this new feature will be made in
the construction of the new return
blanks for corporations.
The new form will be a combined
income and excess profits blank, en-
bodied in which is a detachable letter
Of remittance. Any Corporation which
finds that, for sufficient reasons, it
cannot complete it's return by March
Is, may detach and fill out the letter
of remittance and forward same to
the Collector on or before March Is
together with check, money-order or
draft for the tax due on that date
If the exact tax is not known, the es-
timated tax due will be paid in this
manner. A statement in writing OF
the reasons why it is impossible fol-
the corporation to complete the re.
turn by the specified date must &C.
company every such remittance.
Individual taxpayers will be giver
similar privileges in cases in which
it is made clear by the taxpayer tina
the time available is not sufficient t,
enable him to complete the return b!
March Is. No reason exists, accord
ing to the Internal Revenue officials
for delaying the filing of the returns
of individuals incomes, except in un
usually difficult cases.
Forms for returns of individual in
comes up to $1,000, will be distribut
ed by Collectors within a few days
Forms for larger incomes will b.
available about February "a. Corpor
alton blanks will be distributed b,
March l.. Regulations governing tn,
administration of the new Income Ia,
will also be available before March