Fishing Information Newsletter by nph20057


									    Fishing Information Newsletter
            News You Can Use from the Internal Revenue Service
                           New England District
Volume 1, Issue 1                                                                              September 1999

Message from the Coordinator                                We Need Your Topics and
This is the first in a series of monthly newsletters to     Questions
enhance communications between the IRS and the              We depend upon you to suggest topics. Ask some
fishing industry in Maine, Massachusetts and New            questions and we'll answer them in future issues.
Hampshire. These newsletters will serve as a two-way
technical information-sharing endeavor.                     E-mail: or
Our objective is to work with associations, industry
groups, tax return preparers and small business owners
to help them understand and comply with tax                 Mail:           Fishing Assistance & Information
regulations, and maintain voluntary compliance.                             Internal Revenue Service
                                                                            324 Harlow Street
The Internet is available to most businesses,                               Bangor, ME 04401
professional organizations, associations and some
households. We ask that associations who receive this       Phone:          (207) 990-0645
newsletter, pass our message on so that individual          Fax:            (207) 990-3658
household members may be added to our Internet
distribution list. For those who do not wish to remain      Do You Know?
on our distribution list, please let me know by any
                                                            About Fuel Tax Credits
means shown in the right column.
                                                            This is a credit or refund allowed for federal excise
We will still rely upon trade publications and industry     taxes paid on certain fuels. For additional information,
newspapers to "broadcast" our educational initiatives.      refer to IRS Publication 378, Fuel Tax Credits and
We'll also need to hear from individual fishermen. Let      Refunds.
us know what sections of the recently enacted legislation
have impacted you.                                          How to Amend a Tax Return
                                                            Complete and file Form 1040X, Amended U.S.
We look forward to working with you to establish a          Individual Income Tax Return.
useful product.
                                                            Where to Report Patronage Dividends
                      William E. Haas
                                                            Patronage Dividends are subject to self-employment tax
                      IRS Fishing Project Coordinator
                                                            and must be included in Gross Receipts on Schedule C,
                      Bangor, Maine
                                                            Profit or Loss from Business.

                                                            Tax Assistance Hotline, Forms
Free Workshops and Speakers                                 Hotline, Fax on Demand and Teletax
If you want to arrange a small business tax                 Tax Assistance
workshop, or would like to request an IRS technical         (800) 829-1040
specialist to speak free of charge before a group,          Seven days a week, 24 hours a day
the IRS Taxpayer Education Office is ready to               (800) 829-4059 TTY/TDD (Hearing Impaired)
assist. Contact the staff in Boston, MA at:                 Seven days a week, 24 hours a day
E-mail:                  Call with general tax questions.
Phone:          (617) 565-4325
Fax:            (617) 565-1379
Tax Forms and Publications

(800) 829-3676, seven days a week, 24 hours a day.
Order free tax forms and publications. Here's a brief
                                                                      In Next Month's Issue
listing of free publications that can be ordered:           Retail/Wholesale Dealers

                                                            ô     What happens if you purchase products from
334 - Tax Guide for Small Business                                fishermen and pay cash?
                                                            How can my accountant learn more about
533 - Self-employment Tax
                                                            proper treatment of certain industry issues?
535 - Business Expenses
                                                            For Future Issues
553 - Highlights of the 1998 Tax Changes
                                                            These are topics we plan on covering. Please let us
583 - Starting a Business and Keeping Records               know which would be of most interest to you:
595 - Tax Highlights for Commercial Fishermen                  Adequate creation and use of record keeping for tax
                                                               return preparation
1967 - Fisherman's Tax Guide
Fax on Demand                                                  Correct method of reporting income

(703) 368-9694, seven days a week, 24 hours a day.             Proper filing Form 1099, for crewmembers, as well as
The most frequently requested tax forms and topics are         cash purchases (IRC 6050R)
available through an IRS TaxFax service. To use this
                                                               Appropriate use of PIA/Standard Industry Codes
service, it must be phoned directly from a fax machine.
Up to three items may be requested per call. Callers can
                                                               Correct method of reporting Patronage Dividends
opt to receive instructions on how to use the service.
                                                               Proper method of claiming fuel tax credits
                                                               Timely and proper tax return preparation to preclude
(800) 829-4477, seven days a week, 24 hours a day.             assertion of estimated tax penalties
Provides recorded tax information by topic number. For
example, Topic 416 gives information about federal tax         Accurate use of depreciation guidelines
regulations for the farming and fishing industry.
                                                               Claiming travel expenses to and from job sites
IRS Internet Access
                                                               Proper manner in which to deal with IRS Collection
World Wide Web:                   regarding delinquent liabilities
            Telnet:                          Capital Construction Fund accounts
The IRS Web Home Page allows convenient access to
tax information 24 hours a day. The Web Site provides
tax forms with instructions, publications, the latest tax              REMEMBER —
law changes, and much more for individuals and                       DON'T BE "SELFISH"
                                                                  Please share our e-mail addresses:

Department of the Treasury
Internal Revenue Service

Publication 3432  (9/99)
Catalog Number   26188F

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