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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Mar 26, 1990
Page
15
The fragment discusses an accountant or tax agent advising on IRS procedures, suspension of estimated taxes, and guidance for those who rely on written IRS advice when preparing their return. It notes potential tax liability for certain sock income readers and emphasizes careful reporting.
President Bush declared federal disaster assistance for victims of Hurricane Hugo and the California earthquake. Affected residents may deduct casualty losses on 1989 tax returns or amended 1983 returns to speed refunds. Taxpayers should keep newspaper articles photos and assessor records to prove losses.
A tax official outlines options for preparers to terminate bills and deduct the undetermined amounts across schedules. Jawan Bock, a tax attorney, explains extensions of time and implications for rents royalties and partnerships.
Taxpayers may delay filing a return up to four months but must pay the full tax by April 6 or incur interest on unpaid balance. If under 90 percent paid, a late-payment penalty may apply. Further extensions require good cause and Form 2688 by August 15. file on time and attach Form 1127 if unable to pay.
Electronic filing promises faster refunds with deposits in weeks versus months for paper returns. Refund anticipation loans add fees to shorten wait times to days, while conventional filers should use form labels. Benefits noted by Instatasing and Arthur Young, with faster processing claims.
Earned income credits of up to $910 help lower income taxpayers with a child in the United States. The credit phases out and ends when earned income or adjusted gross income hits $19,340. Even nonfilers should file if the credit exceeds any tax due, per the Block Income Tax Guide.
Records show Tennis Associates sold the former Sundown Health and Racquet clubs for about 500000. Swanson plans a 58,000 square foot center with glass facade and separate entrances, finishing in six to eight weeks and signing several leases including Graphic Arts Supply Sun 7 and Waist Not Inc. The Woodbine Group owns Genesee Inn and other properties nearby.
Saturday games feature key performances and close finishes across teams. Readers learn top scorers and notable plays while local venues host the action.
Peter Weaver notes FAA forecasts for the 1990s show rising passenger boardings and more congested airports. To dodge the mess travelers can join airline passenger clubs, like American Admirals, Delta Crown Rooms, United Red Carpet, USAir Club, and others, offering lounges, discounts, and faster service at various airports.
Residents unable to attend the state Public Service Commission hearing on a proposed $965 million rate increase can write to Albany. The measure would raise the average residential bill by about 34 percent, with letters to Agency Bldg. 3 20th Flr NARESP Albany NY 12223.
Investors eye Ginnie Maes backed by GNMA mortgage pools as a safer fixed income in volatile markets. After a slump last summer from S&L selloffs, new issues yield about 9.75 percent, roughly 1.3 points above comparable Treasuries, with government guarantees cited by Sheldon Jacobs as a key advantage.
Merchants Bank offers a Dollar Checking account for students with no minimum balance and up to 10 check transactions per month for a $1 fee. Openers receive a free cassette featuring local rock bands. The program targets light check users and is part of a growing trend explored by at least two firms.
Money magazine estimated nearly half of 36 million IRS notices mailed last year were erroneous. Taxpayers, confused by the law and afraid to challenge the IRS, paid about 7 billion dollars they did not owe, the magazine said.
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