Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, September 30, 1995                   TAG: 9510020005
SECTION: BUSINESS                    PAGE: A-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

The rules on receipts for business expenses will be relaxed effective Sunday, the Internal Revenue Service said Friday.

The agency said it will raise the requirement for receipts to prove business deductions for travel, entertainment and gifts from $25 to $75.

The $25 level dates to 1962. Now the agency won't demand receipts for expenses less than $75.

``This change is part of our ongoing efforts to make government work better and cost less. It will make record keeping a lot less difficult for businesses and employees,'' said IRS Commissioner Margaret Milner Richardson.

- Associated Press

CSX to pay back $5.9 million

CSX Transportation Inc. will pay $5.9 million to settle claims that it overcharged the government for railroad crossing signals installed under a federal safety program.

Assistant Attorney General Frank W. Hunger, head of the Justice Department's civil division, said Friday that the agreement settles claims that CSX inflated labor hours for wiring signals and failed to obtain the lowest prices for parts.

It also settles allegations that CSX overcharged for some parts by selling them at a profit to a third party and repurchasing them with federal money at higher prices, he said.

The crossing signals, installed primarily in the Southeast, were provided under the Rail Highways Crossing Program administered by the Department of Transportation. The federal government paid 90 percent of the costs; states contributed the rest.

- Associated Press

Bankruptcies

Five bankruptcies with business affiliations have been filed in U.S. Bankruptcy Court for Western Virginia at Roanoke. Three are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.

Windward International Inc. of Wytheville and Singapore filed for reorganization and protection from creditors. The company designs and manufactures machinery parts. William M. Wood Jr., president, estimated both assets and liabilities at more than $1 million.

Heart and Soul Enterprises Inc., also known as South Main Cafe of Christiansburg, filed for liquidation. The company estimated assets at less than $50,000 and liabilities at more than $50,000.

Marvin G. Powers and Shirley F. Powers of Parrott filed for liquidation with assets of $25,827 and liabilities of $65,191. Shirley Powers did business as Eye Designs.

Charles K. Poff and Frances V. Poff of Roanoke filed for a wage-earner plan for repayment of debts, listing assets of $13,232 and liabilities of $35,722. Charles Poff did business as USA Automotive.

Anthony A. Albert Jr. and Rebecca A. Albert of Christiansburg filed for liquidation with assets of $10,244 and liabilities of $36,064. Anthony Albert said he is self-employed.