Milford chronicle., 1920-03-05
CORPORATION REPORTS
MUST BE FILED BYl5TH
COLLECTOR GRAHAM ISSUES A STATE.
MENT STATING THAT EXTENSION
OF TIME IS NOT NECESSARY.
PENALTIES FOR EVASION
MAY BE AS HEAVY AS $4,000 OR I'M.
PRlSONMENT OF ONE YEAR. OR
BOTH, WITH ADDITIONAL FINE.

Inc following statement was issued
by Collector of Internal Revenue II
z. Graham this week.
Complete returns, both individual
and corporations, must be in fine
hands OF Collector Graham on or he
Iore March 10, 1920. Extensions will
be granted only in speciic casas
where urgent need for additional tiroa
IN preparing the returns is shown
Last year, if for good and sufficient
reasons it was found Impossible tn
complete a return by March Ia. cor
poratlon and individuals we're ner-
mitted to file on or before that date
tentative return and were given an
extension of 45 days in which to file
complete return Conditions which
Jusuhed such extensions do not exist
this year.
Where the additional time is act
ually required, because of illness or
ABSENCE the collector of Internal
revenue may grant an extension of
not TO exceed 80 days upon written
Application therefor made before the
return Is due. If before the end of
the SO-day extension an accurate re-
turn can not be made, an appeal for
further extension must be made to
the Commissioner of Internal Reve-
nue., with full recital of the causes
for the delay The commissioner will
not grant an additional extension
with a clear showing that a complete
return can not be made at the end
OF the SO-day period.
Payment of Tax
The tax may be paid in full at the
Tune OF nllng the return or in four
installments, the first of which must vi
accompany the filing of the return. flu
The subsequent installments, are due fol
on or before June 15, on or before ye
September 10, on or before December ua
10. II the return is not filed with the Ne
time specified, the taxpayer is sub th'
Ject to a penalty of $1,000 and to an off
additional assessment of 25 per cent be-
OF the amount of the tax due. The re- Tr
turn should be sent to the collector -
OF internal revenue for the district in
which the taxpayer has his residence MI
or principal place of business.
When a person required to make a 1
return is unable to do so because of VII
minority, absence, or non ly
residence, it may be done by an agent IRA
having sufficient knowledge of such DAY
persons affairs to enable him to make pos
a complete and true return. Payment plai
may be made in cash, bank check or
iraft. Collector will receive uncer- pray
ified checks and the tax will be con- sIar
iidered paid as Of the date the check De
vas received, provided it is not later the
lishonored If cbeolr i 49, 80 r,
mon nresentation iisbi1itT ~ g., pau tha moo
ak and all penalties are revived. ~ VI
Penalties For Evasion II n.
When return is willfully false or Heel
fraudulent or contains false or fraud Jo
lent statements made with intent to ]. v
wade the tax, the penalty is a fine of To
OF more than $4,000 or imprison- Anne
lent for not more than one year. or No
9th, together with an additional as Lanl
essment of so per cent of the amount MI
tax evaded. Where the understate- Mrs
lent is due to negligence without in Mr.
mt TO defraud, the penalty is per Mrs
snt OF the amount of the deficiency. ROs
Ius interest at the rate of 1 per cent Mrs.
er month on such amount from the Mr.
me when it was payable. Mr.
Taxpayers are urged by the Col Mr.
ctor of Internal Revenue Graham Mr.
)t to delay in the filing of returns He
Id to pay taxes in as few INSTALL ner.
ents as possible. During the clos Th
g days of the period for filing re- have
rms collectors of internal revenue they
e overwhelmed with work and can have
1t devote as much time as is desir- nesda
to the instruction and assistance MrI
taxpayers. Prompt action means is q
tier service and the avoidance of Wedn
obable later difficulties. scr
come Tax Facts You Should Know Th'
Aside from the salary which a cler- -
man receives during the year, he
lst consider as taxable income the hA
= dS a9celved sn l9r speelaI services per- Cha
M neu AZ ~ lHuiviuua!s suir OF organlza- Georg
IT,, Ia e'aI saige Oh tne away,
1-.,- o--.i.l ue. =. enus PloFtueu must men
considered income just as truly as sbon
Ough he were paid the value in erst
sh and expended it for his home or DeIau
arters as personal expense. If nrivat
meals are provided by the con- the
sgation, free of charge to him, the town
value OF such board is taxable Dende
ONE yenuo
ast - ..,eie may De Ddnh IN are p
o+1 DGnu InIeIe Iest, ana a numDer manag
coTs consida Arngs aIni oL income Wnlch must rep
in the case of a farmer, business nleted
q and wage Garner. froy,
iany clergymen receive fees for of VIII,
cial services, which may cover Severa
pie recltals of prayers for the II is r
d, or marriages, christenings, and in the
er ceremonies and services which he iail
incident to their calling.
No Tax on Gifts
ona-fide gifts are not taxable un-
the income tax laws. However J. II
e is clear distinction to he made the re;
7een a fee and a gift. The am Vieick
Christmas Offering to the nas- Milford
which is a custom in many mar A do
5, is purely and simply a gift street \
the Easter collection for his hem 81 1.425.O
IS considered to be in the nature old bui
dditional Compensation for his $4,000.
ices to the individuals contribut- The
near d
clergyman may receive an unus- and wa
large fee, which might have the near NJ
aranee Of a gift. But if that fee The s
IN consideration of the perform was bo
OF some service, the offerine S59500.