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Show U S TAXPAYERS TO KEEP BOOKS Collector ot Internal Revenue J. H. Anderson, issued a statement today, calling attention to the fact that the U. S. Treasury Department has just issued a regulation concerning the keeping of books by people liable to V. S. revenue taxes, income and oth-e-wisei The regulation referred to provides that: "Every taxpayer carrying on the business of producing, manufacturing, manufactur-ing, purchasing or selling any commodities com-modities or merchandise, except the business of growing and selling products pro-ducts of the. soil, etc, shall, for the purpose -of determining the amount of income under the Revenue Act of t!)21 keep such permanent books of account or records, including Inventories, Inven-tories, as are necessary to establish the amount of gross income and deductions, de-ductions, credits audi other information informa-tion required by an income tax return. re-turn. The taxpayer shall produce such books of account or records for the inspection of revenue officers duly du-ly authorized by law to inspect the same, at such time and in the manner man-ner provided by law." The only exception among producers, produc-ers, manufacturers, or dealers in any commodities or merchandise, from this requirement of keeping permanent perma-nent books of account or records, are farmers, gardners, horticulturists, etc,, whose business is that combining combin-ing the growing and selling of products pro-ducts of the soil. While the growers who also sells is exempt as to his own products,, dealers in products of the soil other than that grown by them, must keep -permanent records. This requirement now being in force, it is advisable for those coming com-ing within its provisions each to install in-stall a system of. book-keeping, from January 1, 1922, and; on. No elaborate elabor-ate system is required, but it should be sufficiently in detail to show accurately ac-curately the income, outgo and expense, ex-pense, from month to month, thru-out thru-out the year. . |