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Tax Rules Prompt Anguished Reactions From Industry
AP reports that restaurant hotel and theater operators voice anguish over new expense account tax deduction rules under the 1962 tax law. IRS Commissioner Caplin promises modifications and fairness. Critics warn of possible business closures while some see selective benefits as firms brace for stricter record keeping and potential damage to dining and lodging sectors.
MENTIONED IN THIS ARTICLE
New York
Internal Revenue Service
IRS
Mortimer Caplin
Caplin
Washington
New York City
George Eddy
Eddy
Kansas City
Washington, D.C
J. A. McCarthy
Execu
Itive
Hotel Association of
Miles
Ben Blue
Santa Monica
Calif
Blue
Mark Schmidt
Detroit
Sheraton Cadillac