Northwest Arkansas Times from Fayetteville, Arkansas on February 7, 1952 · Page 20
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February 7, 1952

Northwest Arkansas Times from Fayetteville, Arkansas · Page 20

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Fayetteville, Arkansas
Issue Date:
Thursday, February 7, 1952
Page:
Page 20
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W !. y-tl |i| ; |j|--mnrlWBT MKANSAS TIMIS, Ny«Mt*ifc, Arfcemai, February 7, t»$J Si". I.- WARNING! HIGHER INCOME TAXES YOUR INCOME TAXES ARE NOW REACHING FOR AN ALL-TIME HIGH. THEY PROBABLY WILL GO HIGHER STILL! ARE YOU PREPARED? CAN YOU GIVE AN ACCURATE ACCOUNTING OF YOUR BUSINESS TRANSACTIONS? DO YOU KNOW THE COURTS MAY ASSESS SEVERE PENALTIES (Not to Exceed $10,000 Fine or One to Five Years Imprisonment or Both) FOR -FAILURE TO KEEP ADEQUATE RECORD, FILE INFORMATION RETURNS OR SUPPLY DATA REQUIRED BY THE GOVERNMENT IN ITS ADMINISTRATION. HAVE YOU FAMILIARIZED YOURSELF WITH THE IMPORTANT CHANGES IN THE FEDERAL INCOME TAX LAW RECENTLY ENACTED IN THE REVENUE ACT OF 1951? Tlic Bureau of Internal Revenue has by statutory authority many sources which can be checked for information about your tax return. The Bureau employs expert well-experienced accountants and investigators who have little difficulty in spotting discrepancies and omissions whether accidental or intentional. Depending upon check-spreads, hit-and-miss, on-the-cuff methods of recording, or memory alone, ts to court disaster in the form of severe penalties -- for instance: WILLFUL ATTEMPT IN ANY MANNER TO EVADE OR DEFEAT THE FEDERAL INCOME TAX IS A FELONY carrying a penalty of $10,000 fine and a five-year prison term or BOTH. After trial and conviction by indictment or information filed within SIX YEARS after offense. THE TAXPAYER WHO PAYS HIS'LAWFUL TAX does so because he has an accurate record of his earnings. THE CHEATERS and "CHISELERS" now faced with "information at source" and "audit control" have little chance of escaping the determination of the TREASURY'DEPARTMENT to collect the tax -- ALL OF IT. ^"Failure to keep books is thought by some tax payers to be a means of avoiding payment of income taxes. They believe that by keeping no records they keep none of the evidence necessary to ascertain tax lability. There are, however, other methods by which the income of such taxpayers can be determined. THE COMMISSIONER OF INTERNAL REVENUE IS AUTHORIZD BY LAW TO DETERMINE THE PROPER INCOME BY SUCH METHODS AS MAY BE APPROPRIATE." The concept of INCOME is broad. It includes almost everything. Among other things, it includes wages, salaries, tips, bonuses, rewards, commissions, business profits, dividends, interest, rent, royalties--and it includes the prizes you won in any contest (maybe even the cocktail set you won at a bridge party). It includes income received both from legal sources and from illegal sources. If you carry on a business as sole proprietor, or render services as an independent contractor or as a member of a partnership, and have at least $400 of net earnings from self-employment in a taxable year, you will, with certain exceptions, have to pay the SPECIAL INCOME TAX on your "self-employment" income, in addition to the regular income tax. A partner must include his proportionate ordinary income or loss, capital gain, partially tax-free interest, etc., in his return for the taxable year iirwliich the partnership's taxable year ends. IT MAKES NO DIFFERENCE WHETHER OR NOT THE INCOME WAS ACTUALLY DISTRIBUTED TO THE PARTNER OR EVEN WHETHER THE INCOME COULD HAVE BEEN DISTRIBUTED. Routine checking by Treasury investigators is at present more intense than at any time in the history of the department and with a fortune awaiting the informer who can supply information leading to the collection af evaded taxes and penalties. Tax evasion, either through ignorance, complacent indifference or an act of intention is next to an impossibility. The closing paragraph of the letter recently directed to the nation's taxpayers by Commissioner John Dunlop said: "Your help in following these suggestions will reflect itself in real savings to all taxpayers, and will enable the Internal Revenue Service to push more vigorousy its drive against racketeers and other tax evaders to insure full tax collection from them. Our goal is to see that everyone pays his correct taxes to his government, and we know we can depend on you to help us attain that goal." "Keeping books means the maintenance of a systematic record that will adequately and clearly inform the taxpayer as to the state of his income. It does not mean the keeping of a few casual notes or records which will enable the taxpayer to do little more than approximate his income." There are many good systems of record keeping employed by business men, bookkeepers, auditor sand accountants, some available to the uninitiated many too difficult for the layman's comprehension. The new 2-YEAR "ONE-BOOK METHOD," compiled by the publishers from the UNITED STATES SENATE COMMITTEE PRINT NO. 2 REVISED EDITION "SMALL BUSINESS PROBLEMS" IS,JUST OFF THE PRESS. This "one-book method" is a. simple, foolproof answer to a plaguing problem, the problem of keeping adequate, economical income tax records. +Latest edition Your Federal Income Tax, published by Treasury Department Bureau of Internal Revenue. Washington, D. C WITH SIMPLE, UNDERSTANDABLE INSTRUCTIONS COVERING THE E N T I R E PERIOD. COMPLETE $4.95 (H.SM.S.U.T..) Remember! Two Full Years OBTAINABLE BEGINNING MONDAY, FEB. 11, 1952, AT YOUR LOCAL DEALER ACME TYPEWRITER EXCHANGE 407 W. Dickion Phone 2881 IARTHOLOMEW FEED STORE Hwoy 62 W. Phone 516 ILAIRS STATIONERS I. Skk Sejuort Phone 731 FAYETTEVILLE FIRMS FAYETTEVILLE DRUG STORE PALACE DRUG STORE E. Side Square Phone 717 422 W. Dickion Phone 677 McROY McNAIR QUAKER DRUG STORE Craveni Bldg. Phone 131 22 E. Center Phone 376 NORTHSIQE DRUG STORE RICKETTS DRUG STORE 930 North College Phone 2670 106 W. Center Phone 442 PRAIRIE GROVE FIRMS LINCOLN FIRMS FAIRWAY GROCERY CLAY VARIETY STORE FARMERS HARDWARE FAIRWAY GROCERY NO. 2 F.URNITURE CO. SPRINGDALE FIRMS SPRINGDALE PHARMACY CITIZENS NEWS STAND SPRINGDALE NEWS OGLESBY'S DRUG STORI WHEN YOU SIGN YOUR INCOME TAX RETURN, YOU SIGN UNDER PENALTY OF PERJURY

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