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1 Regulations 115 on Collection of Income Tax at Source on Wages [i] (1943)

handle is hein.tera/regowag0001 and id is 1 raw text is: Bureau of National Affairs, Inc. Washington, D. C. 10:00 P. M. SPECIAL REPORT REGULATIONS 115 ON COLLECTIO T OF INCOPT, TAX AT SOURCE ON WAGE: The Bureau of Internal Revenue released today (Saturday) its complete regulations governing the pay-as-you-go collection of income taxes from salaries and wages. The regulations define and illustratre the obligations of employers in withholding income taxes from compensation paid employees. These new regulations, designated Regulations 115, supersede so-called advance regulations on this subject which were issued June 29, 1943 (see Report No. 130 for June 20, 19[43). They are in much more detail than the advance regulations, which they supplant, and cover additional subject matter. The regulations are prescribed by the Commissioner of Internal Revenue and approved by the Secretary of the Treasury under subchapter D and isubchapter E of the Internal Revenue Code, as added by Section 2 (a) of the Current Tax Payment Act of 1943. These subjects are covered by Regulations ll5: Definitions--wages; excl isions from wages; payroll period; employee; employer; status for withholding purposes; general definitions and use of terms. Dctermination of tax--requirement for withholding; urithholdn4 exemptions; wage bracket withholding; included and excluded wages; withholding, exemption certificates; supplemental wage payments; wages paid for payroll period of more than one year; wages paid on behalf of two or more employers; withholding on basis of average wages. Lizbility for tax. Credit for tax withheld--nondeductibility of tax and credit for tax withheld. Receipts--receipts for tax withheld at source on wages. Returns and payment of tax--return and payment of income tax withheld on wages; final returns; use of prescribed forms; penalties and additions to tax; use of government depositaries in cozfnection with payment of taxes. Adjustments and refunds--quarterly adjustments; refunds and credits. Miscellaneous provisions--jeopardy assessments; interest; addition to tax for failure to pay an assessment after notice and demand; additions to tax for delinquent or false returns; proralgation of regulations. Regulations 115 appear in text on the accompanying pages of this Report. Up to five extra copies of this daily Summery for distribution .mong your key executives may be obtained without extra charge by writing to the Bureau of National Affairs.

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