Tag Archives: taxes

Entertainment, Government, International

HUGE WELCOME, TICKER TAPE PARADE AND TAX RECEIPT AWAIT “ASIA’S GOT TALENT” GRAND WINNERS

May 15, 2015 Pol Pinoy Leave a comment

MANILA, Philippines (The Adobo Chronicles) – El Gamma Penumbra, the Filipino shadow performing group that was the grand winner in the first season of “Asia’s Got Talent” will be treated to a huge welcome by their fans and supporters when they return to Manila from Singapore.

A motorcade will take them from the Ninoy Aquino International Airport to Malacañang Palace where they will be personally greeted by President NoyNoy Aquino. The motorcade will pass through main thoroughfares in Makati where ticker tapes and confetti will be showered from the city’s tall buiildings.

The group will also be personally met at the airport’s VIP lounge by Bureau of Internal Revenue Commissioner Kim Henares who will have a tax receipt booklet in hand as she collects up to 30% of the group’s $100,000 (4.4 Million pesos) prize money.

Henares is known to be a tough tax woman, always ready to collect the government’s share of international prize winnings by Filipino celebrities, not the least of whom is Manny Pacquiao.

Pacquiao’s prize money from his May 2nd fight with Floyd Mayweather is estimated at $150 Million. That’s a whopping 6.6 BILLION pesos.

It is therefore not suprising that President Aquino is claiming that the Philippines is no longer the “sick man” of Asia, thanks to all that tax revenue.

Health & Medicine, Law Enforcement, Science and Environment, The Media

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

January 28, 2015 Pol Pinoy Leave a comment

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.

Business, International, Politics, Uncategorized

U.S. CONGRESS JOINS THE CORPORATE EXODUS, WILL MOVE TO SWITZERLAND

August 26, 2014 Pol Pinoy Leave a comment

Washington, D.C. (The Adobo Chronicles) – The United States Congress is the latest American Institution to announce that it is moving its headquarters abroad.

The announcement came just hours after the fastfood giant Burger King said it was moving its corporate headquarters to Canada. BK joins the growing list of American companies exiting the U.S. while maintaining business operations in the country — all for the sake of paying less taxes and employing cheaper labor.

Congress will move the Capitol to Switzerland.

Speaker John Boehner said the move will free senators and congressmen from public scrutiny, media criticism and lobbying while allowing the honorable men and women of Congress to do some serious work. The current Congress has earned the reputation as a “do-nothing” Congress.

Legislative aides, interns and contractual personnel were all excited after hearing the news of their transfer to Switzerland. “I love Swiss cheese and chocolates,” exclaimed an aide to Representative Michele Bachmann. “Wow, now I can finally realize my long-time dream of going to work in kilts,” said another.

There is, however, one group that is not happy about the move – the Capitol police. Boehner disclosed that the new U.S. Congress building which will be overlooking the Swiss Alps, will be employing Swiss guards.