The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-02-20
INCOME TAX RETURNS
EXTENT|0N 70 TIME
CONDITIONS UNDER WHICH THE
PRIVILEGE MAY BE
OBTAINED.

Although no general extension of
time will be authorized for filing fed
eral income tax returns due March
Is, the commissioner of internal rev.
enue has approved a novel feature of
tax collection which will serve for all
practical purposes as possible ex-
tension of As days for the filing of
corporation income and excess pro-
lporations are unable to complete and
file their returns by March Is.
If corporation finds that, for good
and sufficient reason, it is impossible
to complete it's return by March 49, it
may make a return of the estimated
tax due and make payment thereof
not later than March 10. If meritor-
ious reason is shown as to why the
corporation is unable to complete it's
return by the specified date, the col
lector will accept the payment of the
estimated tax and agree to accept the
revised and completed tax return
within a period of not more than 45
days.
Make Estimated Payment.
Under the plan adopted for corpor-
alton payments and returns, the gov
eminent will be able to collect ap-
on or before March Is, thus meeting
it's urgent needs; and the corporal lions
actually requiring further time for
the preparation of their complete re-
turns will be granted ample time in
which to do so.
One of the advantages of this plan
is that 1t relieves the taxpayer of
one-half of one per cent interest per
month that would attach to the pay
ment of the taxes under an extension
granted at the request of the taXpay
err. 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 basis 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 automatical-
lily be credited to the next installment
which will be due on June Is.
Must Give Reasons.
Provision for Systematically ham
ding this new feature will be made
in the construction of the new return
blanks for corporations. The new
form will be combined income and
excess profits blank. embodied in
which is a detachable letter of remit
lance Any corporation which finds
that, for sufficient reasons, it can not
complete it's return by March Is, may
detach and fill out the letter Of re-
mittance and forward same to the
collector on or before March Is, to-
gether with a check, money order or
draft for the tax due on that date
I fthe 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 for
the corporation to complete the re-
turn by the specified date must ac-
company every such remittance.
Individual Taxpayers, Too.
Individual taxpayers will be given
similar privileges in cases in which
it is made clear by the taxpayer that
the time available is not sufficient to
enable him to complete his return by
March Is. No reason exists, accord =
ing to the internal revenue officials,
for delaying the filing of the returns
Of individual incomes, except in I'M
usually difficult cases.
Forms for returns of individual in
comes up to $4,000 will be distributed
by collectors within a few days,
Forms for larger incomes will be
available about February "a. Cor
porations blanks will be distributed
by March l. Regulations governing
the administration Of the new income
tax will also be available before