The Holly chieftain., 1919-02-27
What the Internal Revenue
Man Says.
CORPORATIONS MAY MAKE
AN ESTIMATE AND PAY
But q Meritorious Reason Must Be
Shown as to Why the Complete
Return Could Not be Made in
the Required Time.

Although no general extension
of time will be authorized for fill
ing federal income tax returns due
March Is, 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 corpora
tion income and excess profits tax
returns in cases where corporations
are unable to complete and file
their returns by March l5.
If a corporation finds that, for
good and sufficient reason, it is
impossible to complete its return
by March Is, it may make q return
of the estimated tax due and make
payment thereof not later than
March Is. If meritoriOus reason is
shown as to why the corporation is
unable to complete it's return by
the specified date, the collector
will accept the payment of the es-
the revised and completed tax re-
tul II NlGIHi pcllOO vi llol lHOIc
than As days
Under the plan adopted for
corporation payments and returns,
the government will be able to col
lect approximately the amount of
tax due on or before March Is, thus
meeting it's urgent needs; and cor
porations actually requiring further
time for the Preparation 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 payment of the taxes under an
extension granted at the request
of the taxpayer The taxpayer will,
of course, not be relieved of inter
est on such amount as his payment
may fall short of the tax found lat
er to be due on the basis of his fl
nal return.
Should the payment on March
Is of the estimated tax due be
greater than thte tax eventually
found to be due on examination
of the completed return, the excess
payment will automatically be cred
tied to the next installment which
will be due on June Is.
Provision for Systematically hand
ling his new feature will be made in
lie construction of the new return
blanks for corporations. The new
form will be combined income and
excess profits blank, embodied in
which is detachable. letter OF re-
mittance. Any corporation which
finds that. for sufficient reasons,
it cannot complete it's return by
March ID, may detach and fill out
the letter of remittance and forward
same to the collector on or before
March -, together with a check.
money order or draft for the tax
due on that date. If the exact tax
is not known, the estimated tax
due will be paid in this manner.
A statement in writing of the rea-
sons why it is impossible for the
corporation to complete the return
by the specified date must accom-
pany every such remittance.
Individual taxpayers will be Civ
en- similar privileges in eases in
which it is made clear by the tax
payer that the time available is not
sufficient to enable him to COM
plete his return by March 15 No
reason exists, according to the in
ternal revenue officials, for delaying
the filing of the returns of individu-
al incomes, except in unusually diff
ficult eases.
Forms for returns of individual
incomes up to $1,000 will be dis
tributed by collectors within few
days. Forms for larger incomes will
Continued on Eighth Page