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BUSINESS Parker Brothers State Takeover: Special Section: Loses Its M Onopoly Is Threat Real? the Arts at Mcci Reporting Different Kinds of Income to IRS

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BUSINESS Parker Brothers State Takeover: Special Section: Loses Its M Onopoly Is Threat Real? the Arts at Mcci Reporting Different Kinds of Income to IRS r /•■ '• ' '*• « ' I . 20 - MANCHESTER HERALD, Mon., Feb. 21, 1983 r BUSINESS Parker Brothers State takeover: Special section: loses Its m onopoly is threat real? the arts at MCCi Reporting different kinds of income to IRS . page 10 . page 3 Inside today (This is the 10th part of a IZ-part series on 1982 and SINCE TOTAL tips equal to 8 percent of gross in a similar manner in a home, or other than in a 1983 taxes) receipts appears to be a reasonably low figure for permanent retail store, the manufacturer, distributor many parts of the country, there may be few or merchant will have to report what the individual AAonchester, Conn. In addition to the new withholding on dividends and Y o u r compiaints about this. If employees report a suin of purchased during the' year. ’The IRS-will then have a Cloudy tonight; interest that generally will take effect after June 3C. less than 8 percent of the gross receipts of the starting point tp check on whether the salesperson has chance of snow Tuesday, Feb. 22, 1983 1983, the new tax law continues and expands the M o n ey 's restaurant, the owner will have to allocate the reported the proper amounts of profit. reporting of interest paid to taxpayers. Unlike the difference among employees on the basis of some For the increasing numbers of you who receive — See page 2 Single copy: 25d withholding requirements that become effective July W o rth reasonable agreement with them — or without such periodic payments from your employer’s pension 1, the reporting requirements already became an agreement, in accordance with Treasury regula­ plan, from an IR A or your own self-employed Keogh Hrralh Sylvia Porter effective Jan. 1, 1983. tions for allocating the sums. How it wiil all work out plan, yOu can have taxes w.ithheld or not, as in the It will be much, much tougher for any individual to in practice remains to be seen. past. But the ’82 law made this simple choice more escape reporting income to the Internal Revenue Individuals who sell vacuum cleaners, cosmetics, complicated. Service — and thus escape paying taxes on the cookware, household supplies and the like on a Formerly if you said nothing, there was no income. door-to-door basis or via prearranged parties or withholding'. But the ’82 law says that the payer wUl One group of individuals who can be caught in this in '83 includes waiters and waitresses who work in informal groups have generally acted as independent have to withhold on payments over a certain amount. new reporting net are those millions of investors who restaurants with more than 10 employees and wliere business persons buying their products from a To avoid withholding, you must inform the payer you own bearer bonds issued by the U.S. Treasury or tipping is necessary. manufacturer, distributor or other merchant and elect not to have withholding. corporations. As emphasized in the previous column, To overcome the general under-reporting of P&WA: More reselling to the consumed. since the detached coupons can be cashed or deposited hard-to-trace tip income, the new law says that if the THE IRS has granted liberal extensions to payers to by anyone who holds them, the IRS has previously total tips reported by a restaurant's employees NO INFORMATION reporting has been required on delay for three months and longer after Jan. 1,1983 to 2 made no effort to have coupon interest reported to it or amount to less than 8 percent of the restaurant’s gross these transactions, other than the individual report­ get the process of withholding into operation. If you 2 to check on whether such interest was included.in receipts, the restaurant must file an information ing the income on his or her return. But starting in haven’t heard from your payer arid haven’t had any Jncome. But starting this past Jan. 1, any bank, etc., return with the IRS. 1983, this anonymity will be lost. withholdings, don’t assume you will have nothing to 'that cashes or accepts for deposit bearer bonds and This return must allocate among all tipped Say you’re a manufacturer, distributor or other do. thus pays the interest must report the interest to the employees an amount equal to the difference between Watch for a letter or other notice telling you about layoffs, if... merchant who sells consumer products totaling $5,000 IRS. the 8 percent of gross receipts and the lesser total that or more a year to a buyer on a buy-sell basis. the election. If you don’t want withholding, inform the Another group who may have to show more income employees reported as tip income. If the buyer than resells the product door-to-door or payer to that effect. By Raymond T. DeAAeo work to independent job shops. The Herald Reporter company has so far refused to release data that confirm or deny this claim, 2 Pratt & Whitney Aircraft will lay off although it has promised several of the Oil price Public Records up to 4,000 workers if it doesn’t win an state’s representatives to the U.S.Con- exclusive five-year contract to manu­ gress that it will do so. facture engines tor U.S. Air Force jet P&WA spokesman James J. Deva- . fighters, the company announced ney today refused comment beyond decline Warranty deeds Hattie Charkovic to Harris A. today. reading the prepared company John C. Rivosa to Richard S. Orcutt and Theresa L. Orcutt, The announcement followed an Air statement. Devins and Gall M. Devins, property at 94,96 and 100 North St.' Force announcement that it would not The statement called P&W’s offer to property on Clinton Street, $66,900. Theodore A. Duguay to Deborah accept PiiW A’s offer of a billion-dollar sell 2,285 F-100 engines to the Air Force delayed Christopher M. Adams and Ken­ Duguay property at 94 Delmont St. discount on an order of 2,285 of its F-lOO at a $1 billion discount over five years dra D. Adams to Daniel L. Walter M. Luka to Thomas Luka,, engines, and instead would go ahead “ the best the U.S. Air Force will receive Clavardini and Sheryl A. Ciavar- drainage easement off Bush Hill with a plan to put up for bid in March a from anyone.” dini, property at 13 Farmington Road. five-year contract to supply the engines The P&WA engines cost nearly $^ BOSTON (U PI) — A 17-centdrop St., $65,000. Richard A. Ringwalt to Richard for its F-15 and F-16 fighters. million each. in the wholesale price of home Barney T. Peterman Sr. and A. Ringwalt and Maria E. Ring­ This would open the competition to heating oil may not find its way Barney T. Peterman Jr. to Matvey walt, Unit 6—H at East Meadow P iiW A ’s chief competitor. General DURING JIMMY Carter’s presiden­ into consumer pocketbooks this Viazmensky and Helen Viaz- Condominiums. Electric Co., whose F-110 engine is tial administration, P&WA won con­ season as distributors deliver fuel mensky, property at 63—7 Summit Patricia M. Rossi to Christopher more powerful than the F-100. tracts to supply the Air Force with purchased several months ago at St., $46,900. Paul Rossi and Patricia M. Rossi, The Air Force is expected to award a nearly 3,500 F-lOO’s, most of which have higher prices. Vernon D. Greene to Christopher property at 18—20 Woodbridge St. contract or contracts in December, Air already been delivered, according to Oil dealers said large refiners M. Adams and Kendra D. Adams, Theodore A. Dugua'y to Deborah Force spokesman Lt. George Jameson Kiefer. The $l-billion discount offer are still delivering oil ordered property at 246 Henry St.. $79,000. Duguay, property at '94 Delmont - said today. was intended to secure for P&WA all weeks or months ago before the Edward J. Hanlon and Lois L. St. It is looking for engines to power F-15 the remaining engine work on the two wholesale prices, spurred by lower Hanlon to Daniel M. Madden, Executrix’s deed and F-16 jets to be built between 1984 Air Force fighters. OPEC prices, began to tumble. property at 76 Barry Road, $33,000. Estate of Michael Zacherek to Herald photo bv Toroulnlo and 1988 and delivered to the Air Force "They want the whole ball of wax,” And retailers have passed Bernard G. Martin to the State of John C. Rivosa, property on starting in 1986, Jameson said. said Kiefer. “ But if they were to retrain through only about five cents of the Connecticut, property on Buckland Hilliard Street, $25,200. Casualties of a pothole Sgt.Robert L. Matthews, another Air workers replaced by new technology, reductions as they try to boost Street, $1. Judgment Hen Force spokesman, said the Air Force is and bring back work transferred out of profits trimmed by the unsually Dennis C. Platt and Sharon E. Lou Dramin LTD against Frank hubcaps are bei ng lost there that the employees of considering dividing the work between state back to Connecticut, there would mild winter. Platt to Kathleen O. Fettig, prop­ Wood, property at 150 Lakewood Recognize your missing hubcap here? It could be P8tWA and General Electric. be enough work for its workforce and "A lot of dealers are trying to erty on Nye Street. $59,000. among these. If you’ve driven along Adam s Street, the Buckland Manufacturing Co., 131 Adams St., F Circle, $1,010 P8cWA addressed this possibility General Electric’s workforce in hold the margin because they have Jeanette J.
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