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Show february27, 1978 Are you a target? Trail Over To Our Place Revenue agents told to single out returns for audit For Lunch i i i Roast Beef Sandwhiches L Who can expect special for $1.60 (reg. $2.10) Expires 3-11- -78 to deficiencies during an audit whenever warranted. The wrill be assisted by the Intelligence Civil Fraud Coordinator in documenting and proving fraud issues. When audits are finished, they will be reviewed for possible fraud penalties overlooked by the agent. Organized Crime Audits. Organized crime suspects will be audited by the IRS because people who derive their livelihood from criminal endeavors appear to have a propensity for ignoring their financial obligations to the government. High-levdrug dealers and wagering operations will be particular targets. The IRS signed an agreement with the Department of Justice on Jan. 8, 1976, providing for selection for audit of cases that are under investigation by the Department of Justice and for assignment of IRS agents to IRS scrutiny in fiscal 1978? a-ge- Tax shelters, corporate slush funds, civil fraud, organized crime, tax avoidance and evasion, and professionally prepared returns are items singled outin a list ng Roast Beef, Fries and Beverage (reg. $1.70) Expires 3-11- -78 x of objectives and special problems distributed to IRS S I ts. These objectives apply to the governments fiscal year Oct. 1, 1977 through Sept. 30, 1978. Tax Shelters. Tax shelters will be examined closely by IRS personnel, with special 53 East Third South 1 I ir-r- - 'K FOR THE DISCRIMINATING EXECUTIVE Homes in 7 prestige areas with 14 floor plans to choose from. fVi LJ Lat-Lo- w LjlJ mem Model open at 70th So. and 3100 East Phone 942-17- 61 261-28- 62 J attention given to package deals offered by promoters and investors known by the IRS for previous tax shelters that were not in compliance with the Code. Corporate Slush Funds. Corporate slush funds and fraud in large corporations will come under close scrutiny by teams of IRS agents. In examining the books of large corporations, the agents are instructed to make recommendations of appropriate criminal actions to be taken against corporate officers and directors. Agents also have been instructed to investigate corporate slush funds and to direct affidavits to the head of the corporation's accounting firm. Because of evasive answers in the past, the agents are instructed to require more responsive answers from corporate executives, officers and accountants. The head of the corporations accounting firm may be asked, at the discretion of the IRS agent, to answer a series of questions so that the answers may be compared with answers provided by the corporate executives. Civil Fraud Penalties. Civil fraud penalties will be added to increase the number of audits of clients of professional income tax preparers. Grizziey ski lock to undergo market el those cases. Tax Avoidance andor Tax Evasion. The IRS will establish special projects to investigate tax avoidance and tax evasion schemes that would not be apparent by examining tax returns. These projects will concentrate on selected occupations, industries, economic activities and geographic areas, and will look for cash skimming, bribery, and illegal tax protest activities. Income Tax Return Preparers. Tax returns prepared by professional income tax return preparers will have a greater chance of being audited. The IRS has decided to enforce vigorously penalities set forth in the Tax Reform Act of 1976 for a professional return preparer who negligently or fraudulently underkick-back- s, states a taxpayers liability. This means the IRS will have W!! SneSp yoia testing Three major marketers of ski equipment will test a new product being manufactured by J & L Plastics, 1780 W. 500 So., according to its president Jim Waters. Sears & Roebuck, J.C. Penney and Yamahas ski division plan to expose the Grizziey Ski Lock to product and marketing tests as soon as the prototype is completed, he said. Grizziey Industries, a Salt Lake based firm, holds If the companies accept the product, well go into production, said Waters, who is handling the negotiations. J & L will gain the exclusive keting and manufacturing rights to the product and a significant amount of investment stock, while Grizziey Industries will retain SI. 75 per unit sold in royalties, Waters hopes to have the products available for the three firms within three weeks. Hopefully, if we can keep to our schedule, we can be in full production by June 1, he added. By going into full produc- tion by June, Waters hopes to catch the 1978-7- 9 ski season. Those companies will start purchasing equipment for the ski season sometime in August, he said. The wholesale price for the ski lock will be between $15.95 and $19.95. o Waters ures sales units if smoothly. Professional Womens Employment Placement mar- noted Waters. Actioaa Building No. 2, Suite 250, Arrow Press Square, Salt Lake City, Utah 84101, Telephone (801) pa- tents on the ski lock device which encloses the skis bindings and then attaches itself to a metal plate that will be installed at all major ski resorts. Grizziey has contracted with J & L to manufacture the new product. 532-669- 9 J conservatively figshould total 50,000 everything goes That would result in $87,000 in royalties for Grizziey Industries and anywhere between $710,000 and $910,000 in net revenues for J &L. |