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Sotial Security

Herald & Lantern 2 November '83

LS. Riggins OH Co.

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Sirring South Jtmy WWi Qu»lty Rttrottum Productj ^ ' For Ov*r SB Yura MAIN 4 PACIFIC AVE„ CAPE MAY COURTHOUSE 465-SI56 Thera are many reasons to become a curtomar of L.S. RIGGINS OIL COMPANY , Nor your OIL HEATING NEEDS

Over 55 years of service to customers »n Southern N.J. CofTiputenzed automatic delivery t/odern up-to-date fleet of equipment to handle your needs High quality heating oil K 1 and K-2 kerosene available for yopr needs Computerized meiered delivery tickets 24 hour emergency burner service Burner service contracts Insured monthly payment plans Competitive’pnces with special discounts for 10-day payment ' Additional credit terms available

MUCS SMfTM

$35.00 New Customer Incentive Yes. a $36.00 credit will be ssued to any new account who becomes an automatic deiiv ery customer (credit approved) for (the ©-Mh^atintfseason after the first 250 gallons of orl ■ delivered Cunent L-S. Riggins OH cintomers may have appked to the* account this same $35 00 credit if he or she secures for us a new automatic defafery customer as ad vert tied (Offer expires January 15; 1964)

*♦35.00 7 -

LS. RIGGINS OIL COMPANY Main & Pacific Ave., Capa May Courthouse 465-5156

• l-S. ItJMina 0« Co. autometfc d

NJ Bankers Fighting IRS

PRINCETON - To most Americans it's their Society Security Number. To the Internal Revenue Service it's something different — a TIN or a Taxpayer Identification/lumber. Whatever -it's called, it’s a number that the New Jersey Bankers’ Association considers the target of a new IRS regulation that could affect banks, other financial institutions and ‘ their customers before the end of the year. The new regulation was recently announced by the IRS in a tentative form. Unless it’s changed, fihan^ cial institutions face a $6u fine for not having Socaal Security numbers or if Qie number . is incorrect for customers receiving interest on a savings or.other account. The regulation also stipulates that, when customers don’t supply a Social Security number or give the wrong one, a financial institution is required to withhold 20% of any interest from the customer’s account. BANKS CAN ONLY AVOID the potenUai $50 fines if they institute at least one special mailing notice to virtually all of their customers before the end of the year. Each person receiving the notice will be instructed to verify their Social. Security number as it appears on a bank’s records. The only c us to friers," with interest ^earning accounts, who would be exempt from

receiving such a notice are those who originally gave their number with a specific statement certifying that they understood they were acting under penalty of perjury. Bankers and spokesmen from other financial institutions, across the country have voiced their objections to the new regulation as one that is too complicated, too costly to administer and too inflexible. The NJBA said that while some banks have already begun preliminary planning for mailing the required notices, the regulation is costly to financial institutions, an imposition on their customers and a tremendous duplication of information the IRS already has. Most people know the importance of their Social Security number and are not lively to refuse to give it or deliberately give « false number when it concerns something as financially important to them as their bank accounts, the NJBA arguedi The regulation is a vestige of an earlier law that would have required financial institutions to withhold 10% of all interest earnings paid to customers. The previous law, which had been scheduled to go into effect July 1, was finally repealed in the face of a flood of taxpayer protests to Congress.

It's true' You car enjoy all the Denelits of the Schwinn XR-7 prolessionai Exerciser in (he convenience ot your own home lor up lo 30 clays Then you have the option to buy the nationally acclaimed Exerciser with your rental applied in-full to the pur-chase-pnee-or return it Act now exercisers available on this rent/buy plan are JMiited. . r 5 Mechanic St„ CAPE MAY COURTHOUSE OPEN M0N.-SAT. , 465-3126