Tag Archives: IRS

IRS ANNOUNCES ONE-DAY SALE ON INCOME TAXES

imageWASHINGTON, D.C. (The Adobo Chronicles) – Sometimes, it helps to procrastinate. Especially on your income tax.

In an effort to increase the number of tax filings and to help taxpayers avoid the last-minute rush to beat the April 15 tax deadline, the Internal Revenue Service (IRS) has announced an unprecedented one-day sale on income taxes.

Forget Macy’s or your favorite department store.  You’re better off shopping at the IRS on Monday, April 14.

IRS is offering a 30 percent discount to taxpayers with tax due payments on their 2014 tax return. Additionally, those who expect a refund in their tax return will get a 30 percent bonus.

The IRS sale will only last from 12:01 a.m. to 11:59 p.m. on April 14. Tax returns must be filed electronically or postmarked April 14 in order to qualify for the discount or bonus.

Procrastinate no more. File your taxes now.

 

 

IRS RULES: ONLY 80 PERCENT OF ‘ICE BUCKET CHALLENGE’ DONATIONS IS TAX-DEDUCTIBLE

NBC 'Today' host Matt Lauer taking last summer's Ice Bucket Challenge
NBC ‘Today’ host Matt Lauer taking last summer’s Ice Bucket Challenge

WASHINGTON, D.C. (The Adobo Chronicles) – It’s that time of the year when U.S. taxpayers start receiving their tax forms like W-2’s and 1099’s, as well as their donation receipts for their 2014 charitable donations which are fully tax-deductible (unless they received goods or services as part of their donations).

The summer of 2014 saw one of the most successful donation campaigns in nonprofit history — the Ice Bucket Challenge to benefit the ALS Association.  It was a campaign that went viral worldwide, raising hundreds of millions of dollars for ALS research.

As Americans begin to file their 2014 income tax returns, the Internal Revenue Service (IRS) announced a ruling that only 80% of donations to the Ice Bucket Challenge is tax-deductible.  The remaining 20% will be used by state governments to make up for all the water that went to waste as a result of the ice bucket challenge campaign.

In California, which continues to experience a severe drought, taxpayers can only deduct 60% of their donation to the Ice Bucket Challenge.

Taxpayers who made donations to the campaign are advised to consult with their tax attorneys to avoid being audited by the IRS.

MILLIONS OF DOLLARS POUR IN FOR PACQUIAO RELIEF

imageSarangani, Philippines – While the Filipino people were still celebrating Manny Pacquiao’s victory over American Brandon Rios in last Saturday’s title fight in Macau, China, the Pinoy boxing champ has already set foot in the Haiyan typhoon-ravaged region of the Philippines, ready to personally provide relief to calamity victims using his own funds.

There was one problem. A Philippine court has frozen billions of pesos in Pacquiao’s bank accounts. The reason: the Bureau of Internal Revenue (BIR),  the Philippine counterpart of the U.S. Internal Revenue Service (IRS), wants to see the original receipts to prove that the boxer paid taxes on his prize earnings.

The BIR, which has the distinct honor of consistently being voted the most corrupt government entity in the Philippines, seems to believe that the IRS issues “original receipts” for paid or withheld taxes like the ones customers get when they purchase items from a grocery store.

Both HBO and boxing promoter Top Rank have indicated that taxes were duly withheld from payments made to Pacquiao and subsequently electronically remitted to the IRS.  But a statement from the BIR said, ” Well, we haven’t had our share of the pie.”

Upon learning of Pacquiao’s predicament, international fans of the boxer — individuals and companies alike — immediately set up a special relief fund for the boxer so that he can fulfill a promise he made earlier to personally help those affected by the super typhoon. As of this writing, the Manny Pacquaio Relief Fund has raised Two Million Dollars which is equivalent to over Eighty Million Philippine pesos.  Offcials at the BIR are reportedly fuming because by law, they cannot touch a single centavo of funds designated for relief.

Double taxation has made a double champion of Pacquiao!