Masonry Magazine January 1969 Page. 38
Taxes
(Continued from page 31)
Handling costs are also lower as the data contained on several reels of magnetic tape is equivalent to a truck load of paper W-2 Forms.
Details on tape reporting can be obtained at any IRS District Office or Service Center. The information is contained in: Revenue Procedure 67-31.
DIRECTORS' FEES
The IRS has restated its position with regard to the tax treatment of fees and other remuneration received by a director of a corporation for services performed on committees of its board of directors. The question presented was is this self-employment income?
The position of the IRS is that the fees and other remuneration received by a director of a corporation for performing the services in either attending directors' meetings or other services on committees are self-employment income. Rev. Rul. 68-595.
FORM 1040-ES
The IRS has revolutionized its Form 1040-ES, the individual's declaration of estimated tax, for 1969. The old forms have been superseded and a new four-page form will take its place.
While taxpayers will continue to figure their estimated tax and their estimated tax payments, the IRS will no longer send periodic statements of taxes due. The new form contains four vouchers. Each voucher is numbered (Voucher 1, Voucher 2, etc.) and each indicates on it the date that that particular payment is due. On the date specified on each voucher, it is to be filled out, clipped off and sent, with the tax payment of course, to the IRS.
About the Author..
Following graduation from Tulane University Law School in 1955, Miriam McD. Miller entered private practice in New Orleans. Later, she joined the General Counsel's Office of the Federal Communications Commission in New York City for one year. For the next six years, she worked for the Department of Labor, primarily with the Davis-Bacon, Wage and Hour laws. Mrs. Miller and her husband, an attorney for the National Labor Relations Board have two children and reside in Arlington, Virginia.
Editor's Note:
The cases and interpretations in this column are not intended as legal advise. Individuals should contact their own attorney or tax consultant on specific problems.
New Vermiculite Roof System
A new vermiculite concrete roof system has just been awarded a two-hour fire rating by Underwriters Laboratories, Inc., of Chicago.
It consists of a 2½" thick slab of vermiculite insulating concrete, 1:6 mix, on high-strength steel sheets supported on bar joists. A 2 ft. by 4 ft. lay-in, fire-rated acoustical ceiling system with ½" gypsum wallboard protects the joists on the underside. The hanger wire may be suspended from the deck or from channels.
The entire system was tested with three-ply built-up roofing. A recessed light fixture and an air duct were included also.