Tag Archives: tax exempt

President Trump rips NFL for getting ‘tax breaks’ while disrespecting anthem, flag

Why is the NFL getting massive tax breaks while at the same time disrespecting our Anthem, Flag and Country? Change tax law!

More from CBS Sports.com

Posted by Libergirl

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Swiss bank admits to helping wealthy Americans avoid taxes, fined $2.6 bn

Swiss bank Credit Suisse pleaded guilty Monday to the charge that it facilitated wealthy Americans who sought to commit tax evasion, becoming the first major bank to admit criminal wrongdoing in over 20 years and agreeing to pay $2.6 billion in fines.

The settlement announcement Monday included an acknowledgement from bank officials that they knowingly and intentionally helped thousands of US citizens put their money into offshore accounts, allowing them to hide financial assets from the US Internal Revenue Service. US Attorney General Eric Holder, who has been criticized for being too slow to go after major banks, told reporters that the admission of guilt was a major step forward for prosecutors investigating financial institutions.

“This case shows that no financial institution, no matter its size or global reach, is above the law,” Holder said, as quoted by The New York Times. “Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here.”

More from Russia Today

Posted by The NON-Conformist

Congress Put Pressure on the IRS to Investigate Conservative Tax-Exempt Groups

Over and over, members of Congress asked the IRS to scrutinize 501(c)4 groups for their political activity—and also to scrutinize the agency’s scrutiny of those groups.

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A report in Roll Call in March 2012 revealed that leading members of Congress not only were aware that the Internal Revenue Service had begun investigating the political activity of would-be 501(c)4 Tea Party groups that winter, but showed to what an extent members of Congress had been actively putting pressure on the agency to take a closer look at tax-exempt conservative organizations in the wake of the Supreme Court’s Citizens United ruling. Reported Janie Lorber in 2012:

Tea party outrage over a spate of IRS letters to conservative groups has revived a long-standing dispute over the agency’s controversial role in policing politically active nonprofits.

In January, the IRS began sending extensive questionnaires to organizations applying for nonprofit status as part of a broader project to understand whether social welfare organizations—which are not required to disclose their donors—are actually acting as political committees.

Campaign finance reform groups and lawmakers in both parties have repeatedly demanded that the IRS examine the activities of tax-exempt advocacy groups, which proliferated during the 2010 cycle and are on pace to play an even larger role in 2012.

Democrats, whose affiliated outside groups have lost the fundraising race to Republican organizations this year, have been particularly vocal, sending repeated letters to the agency requesting an investigation. On Wednesday, Rep. Peter Welch (D-Vt.) asked his colleagues in Congress to sign yet another.

More from the Atlantic

Posted by Libergirl