IRS grants filing relief for some county residents

January’s ice storm has bought extra time for some Douglas County farmers and businesses to file their tax returns with the Internal Revenue Service.

IRS officials Monday announced that taxpayers in Douglas County and 34 other Kansas counties will have until March 15 to file their tax returns.

Many farmers, federal corporations, and estate and trust organizations are required to file their federal tax returns months earlier than individuals. The automatic extension applies to any business or organization that was required to file a tax return between Jan. 30 and March 15.

In addition to Douglas, other area counties that qualify for the extension include: Franklin, Jefferson, Johnson, Leavenworth, Osage and Shawnee.

To find out more about what type of businesses qualify for the extension, call (800) 829-1040 or click on www.irs.gov.

Economy

Lawrence construction up

A company that monitors the national construction market reports the amount of construction activity planned for the Lawrence area is off to a stronger start than a year ago.

The F.W. Dodge Division of the McGraw-Hill Cos. reported Monday that $25.9 million in future construction contracts was secured in the Lawrence/Douglas County area in January. That’s up 74 percent from the $14.9 million worth of contracts reported in January 2001.

The company, which gathers its information through building permit reports and surveys of area construction companies, says $14.5 million worth of contracts have been secured for nonresidential construction. The company estimates $11.3 million in residential construction contracts.

Wall Street

Northrop pursues takeover

Northrop Grumman Corp. said it would proceed with a hostile bid for TRW Corp. after the space, defense and automotive products maker rejected an unsolicited $5.9 billion takeover offer.

“We continue to believe that such a transaction would be in the best interests of both companies’ shareholders,” said Kent Kresa, chairman and chief executive of Los Angeles-based Northrop Grumman.

On Monday, TRW asked shareholders to take no action until it reviews the offer, saying it would make a recommendation by March 15.

Telecommunications

Verizon to cut 10,000 jobs

For the second year in a row, telecom provider Verizon Communications Inc. is cutting its employment rolls  eliminating the budgetary equivalent of 10,000 jobs.

New York City-based Verizon, which counts 247,000 employees, will achieve that goal through layoffs, attrition and slashing overtime and subcontractor use, said spokesman Bob Varettoni.

Securities

Treasury bill rates rise

Interest rates on short-term Treasury securities rose in Monday’s auction.

The Treasury Department sold $14 billion in three-month bills at a discount rate of 1.760 percent, up from 1.735 percent last week. An additional $13 billion was sold in six-month bills at a rate of 1.890 percent, up from 1.850 percent.

Both the three-month and six-month rates were the highest since Nov. 26, when they sold for 1.920 percent and 1.990 percent, respectively.