OCR Text |
Show YOUR INCOME TAX I f Careful check is kept by the Bureau of InU-rnal Revenue on returns of Individual Income Under the "Information "In-formation at Bource" provision of the ri.pnui act( every person, firm, and corporation paying to another person, 'partnership, personal service corporation corpora-tion or fiduciary $1,000 or more during dur-ing the calendar year 1920 is required I to make a report of such payment to the Commissioner of Internal Revenue. In the payment of employes, em-plovers em-plovers must consider paymanta for overtime, commission, bonuses, shares in the profits of the buslnes and tho fair value of board and quarters fur-in fur-in h"d .- i ii tri' nt for servloaa Nftmea and addowat "f employes and whethi-r the employe is single, mar-rii-i. or the head Of a family should be slated In the report Where no present address Is available the last known postofflce address should be given. Firms h.iving branch offices should Include salary payments made to cm-ployes cm-ployes of such offle.-a- Th.- main office ehould moke the complete return, re-turn, noting the location of each branch. A separate return Tor each employe whoso salary was Jl.OuO or more la required of employers. The information informa-tion la each sep. irate case must be eatered on Form 1099 and a summary of these forms made on Form 1096, which serves as a letter of transmittal. Tenants who made directly to landlords land-lords payments of rental amounting to l.uu0 or more are required to file an Information return. Where the rent Is paid to an agent no return need bo made. The agent, however, must make a return showing the total collected col-lected for each landlord during the year 19U0. if U amounted to $1,000 or more The revenue act requires report of payments "of all fixed and determinable de-terminable Income," such as salaries, waK-s. rents, commissions, and roal-tles. roal-tles. The requirements are not limited lo perlodll al payments, but a alnglo payment of $1,000 or over, ns a feu to a lawyer or commissions to a broker must he Included. Collectors of Internal revenue arc not authorized to receive returns of Information which should be addressed to "Commissioner of Internal Revenue. Rev-enue. Sorting Section, Washington, D. C " l''r.rrns for filing such returns, however, may bo obtained from collectors. col-lectors. The period for filing Information returns is from January 1 to March lf. Persons r.y,,md to make siK-h returns and who fail to do so are subject to the same penalties which apply to a person who falls to make return of Individual Income. oo i |