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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 08, 1958
Page
9
A column notes IRS added a line for travel and reimbursed expenses on Form 1040 but clarifies taxpayers need not report every reimbursement. It explains employer record-keeping pitfalls and the decision to ease paper burden while preserving essential taxes.
The IRS urges record keeping for 1958 expenses and provides guidance on reporting 1957 wages. It covers Form W-2 statements, itemizing employer payments, and sick pay exclusions. It explains deduction limits for sickness and injury absence and notes forms 1040 and 1640 for reporting sick pay with required supporting details.
The text outlines deductions for car expenses and outside salesmen, noting that only full time employees mainly soliciting business are outside salesmen. It covers depreciation, reimbursements, and the need for statements of explanation with returns, plus references to Form 2306 and Form 1040 guidelines for travel and reimbursed costs.
UPI says nationwide auto crash costs reached over 1.0 billion dollars in 1956. The report cites medical expenses, property damage, fire losses, and lost production as major components, highlighting Massachusetts safety concerns and work accident costs.
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