Provo, UT (AP) — A Provo, Utah man was arrested earlier today after he entered […]
Tag: Charitable donations
Pastor Withheld Communion Because ‘It’s a Spiritual Thing,’ Not Because Members Kept Their Tax Refunds for Themselves
There are demons in his flock!
Pastor Calls Flock Devils, Demons: MyFoxHOUSTON.com
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Cheer up Steelers fans! All those cheesy hats and t-shirts you were dying to wear will go to those in need over seas, thanks to the good people at World Vision: Preprinted shirts, sweatshirts and hats that claim the Steelers won Super Bowl XLV will be shipped to people in other countries. Volunteers at World Vision, in Sewickley, prepared the clothing for shipment on Wednesday. The organization received 150 boxes of items valued at nearly $200,000. The items will be shipped within the next few months and for the first time ever a group of NFL players will help deliver the merchandise. $200k In Steelers Super Bowl Victory Gear Donated To Needy Countries [WPXI] GM’s balance sheet draws praise ahead of IPO [MarketWatch] Move to converge just exported crisis [Re: The Auditors] For the rich, ’tis better to give than wait [Reuters] A weak economy has led to razor-thin interest rates and beaten-down valuations, which make giving less costly for and potentially more rewarding to heirs. Moreover, the U.S. government is widely expected to rein in a popular tax-avoidance scheme. ‘This is a golden era for shifting estates and giving assets away,’ said Bill Fleming, a financial planner for PricewaterhouseCoopers in Hartford, Connecticut. ‘If you have an estate plan, keep going: Uncle Sam soon will be back in your pocket.’ “ Wager 101: Students Bet on Their Grades [WSJ] Lisa Lapin, a Stanford University spokeswoman, said school officials were ‘appalled’ when they learned Stanford students could place bets on their grades, adding, ‘the concept of betting on academic performance is contrary to academic development.’ Lance Miller, a finance major at the University of Pennsylvania, says the criticism misses the mark. Mr. Miller, with a GPA of 3.6, won about $80 on two $40 bets that he would earn A’s in business courses. ‘We’re acing classes to make money—isn’t that what they call a win-win?’ said Mr. Miller, 20.” Facebook’s Places Feature Lets Users Share Their Whereabouts With Friends [Bloomberg] • Record Numbers of People Paying No Income Tax; Over 50 Million “Nonpayers” Include Families Making over $50,000 [Tax Foundation via TaxProf Blog] Sounds great, right? It’s my money, F the government, etc, etc. Well, the Tax Foundation is a little concerned because as the federal budget continues to grow, the income tax system becomes a less effective method of financing expenditures: The Foundation concludes that if the trend of credits continues, the more people will get used to the idea that their refund from the Feds is annual windfall rather than an even greater inefficient government. “As the number of refundable tax credits continues to grow, more and more tax filers are seeing the IRS as a source of income, not something to which taxes are paid.” • Eye Opener: Threats against IRS workers continue [Federal Eye/WaPo] “It would be a little naïve to think that we don’t get some threats over the course of doing business,” said IRS Communications Director Terry Lemons. Perhaps it would be naïve but there seems to be shit going down every week. When does the ‘over the course of doing business’ become “day-to-day challenges that we deal with”? • House Passes Chile Earthquake Donations Bill [Web CPA] The bill, sponsored by new Ways & Means Chair Sander Levin (D-MI) and Dave Camp (R-MI), would allow donations made through April 15, 2010 to be included on your 2009 tax return.
Notable Charitable Donation of the Day: Useless Pittsburgh Steelers Super Bowl Champions Merchandise Not so Useless
Accounting News Roundup: EisnerAmper Partner: GM Balance Sheet ‘Stronger’ Ahead of IPO; KPMG Moves on From New Century, Countrywide; No Bookie Needed for Betting on Grades | 08.19.10
“Peter Bible, partner-in-charge at accounting firm EisnerAmper LLP, said General Motors is now carrying a much stronger balance sheet than its predecessor, based on the company’s initial public offering filed late Wednesday. ‘Their debt-to-equity ratio looks handsome,’ Bible said in an interview. ‘This thing has gotten restructured quite a bit. GM’s health care liabilities have fallen significantly. As I look at the balance sheet, it is much healthier.’ “
KPMG has put two major lawsuits behind them – Countrywide and New Century. One major difference between these two cases was that New Century had a bankruptcy examiner’s report while Countrywide did not.
Judge Denies Online Religious Group’s Bid for Church Status [WSJ]
A virtual “church” gets denied the whole “church” thing.
“With U.S. taxes almost guaranteed to rise next year, the rich have a rare opportunity to distribute some wealth and preserve their fortunes.
“The website attracted wagers by 600 students from two colleges last year, said Mr. Gelbart and co-founder Steven Wolf, graduates of Queens College. This month, the site expanded to let students on 36 campuses—including Harvard, Stanford and Brigham Young University—place bets. More than 1,000 new bettors have signed on.
“Services that help Web users share their whereabouts and find nearby friends could generate as much as $4.1 billion in annual ad sales by 2015, according to Borrell Associates. The features can help marketers more easily target customers — say, by reaching shoppers when they’re close to making a purchase.”
Accounting News Roundup: Record Number of ‘Nonpayers’ of Income Tax in ’08; IRS Getting Used to Threats?; Donations for Chile Bill Passes House | 03.11.10
For all the bellyaching Americans do about taxes, a large portion of them have managed to turn “Tax Day into a payday.” What the hell does that mean? It means that a growing number of people are considered to be “nonpayers” or people that get back every dollar withheld on their paycheck.
“[R]ecently released IRS data for the 2008 tax year show that a record 51.6 million filers had no income tax obligation. That means more than 36 percent of all Americans who filed a tax return for 2008 were nonpayers, raising serious doubts about the ability of the income tax system to continue funding the federal government’s ballooning expenditures.”
Despite so many people being “nonpayers” people still hate on the IRS, as we’ve covered. And actually, the IRS is okay with that. It’s expected:
Yesterday, the House approved the extension of the deadline for donations made to victims of the earthquake in Chile, to considerable less fanfare than the Haiti bill from back in January. Presumably, Congress is under the impression that voters aren’t that concerned about what goes on in the southern hemisphere, thus the need for grandstanding on this issue isn’t needed.