Tag Archives: tax
Accounting for government grants.: An article from: The Tax Adviser
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This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 2010. The length of the article is 1670 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.
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Title: Accounting for government grants.
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Accounting for government grants.: An article from: The Tax Adviser
Tax treatment of government grants to partnerships becomes less clear.: An article from: The Tax Adviser
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This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on August 1, 2008. The length of the article is 2032 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.
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Title: Tax treatment of government grants to partnerships beco… More >>
Toni Braxton Files For Bankruptcy Again
Los Angeles, CA, United States (AHN) – Toni Braxton has filed for bankruptcy yet again. The “Un-Break My Heart” hitmaker filed for Chapter 7 bankruptcy protection in California, saying she has up to $50 million in debt.
In the court documents obtained by TMZ, the songstress listed tons of creditors to whom she thinks she owes money, including the IRS, AT&T, Tiffany & Co., Wells Fargo Bank, Flamingo Las Vegas, and the Screen Actors Guild.
She also thinks she owes money to the City of L.A. Parking Violations Bureau and the DMV in both CA and NV.
Braxton claims she is only worth between $1 million to $10 million. She hopes to pay off her tax debts by selling some of her assets.
Her lawyer, Debra Grassgreen, has been quoted by BBC as saying, “After months of trying to work out an agreeable arrangement with her principal creditors, she determined that the only way to assure that she could meet her tax obligations and provide for her two small children was to commence these bankruptcy cases.
She also filed for bankruptcy in 1998. Earlier this year, the IRS filed a lien against her for $396,000.
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Do Government Grants really exist?
Many people have come up to me and asked the question, are Government Grants available to anyone who needs them. The answer I give them is simple, yes. Anyone who has a need for a grant can usually find the proper grant that that is for them. What are grants you ask? Grants are defined in the dictionary as something granted, as a privilege or right, a sum of money, or a tract of land. Some say it’s an award or gift. In simple terms grants are specific amounts of money that is awarded to a person, a group of people or even a company to be used for a specific purpose. This money does not need to be repaid back and is essentially free.
The next question people ask me is where do grants come from, who gives grants away for free and why? There are three main providers of grant money in the U.S., and each of them has countless billions of dollars they need to disperse annually. Let’s take a quick look at each:
1.) Private foundations and organizations are founded by many large corporations so they can take advantage of tax exempt benefits.
However, if they want to keep their tax exempt status, federal law actually requires these organizations to allocate a percentage of their yearly revenues in the form of grants.
Every year these foundations give out millions of dollars in grants to a wide variety of individuals and businesses (e.g., Entrepreneurs, Small businesses, College students, those in need of general financial assistance or to cover everyday living expenses, etc.).
2.) Federal grant programs give away billions of dollars to your fellow citizens every year. Funded by your tax dollars, these programs are set up so that anybody can tap into the money they need right now… without the hassle and inconvenience of having to qualify for a loan, put up collateral, or be required to pay back the money.
3.) State grant programs have been developed to work specifically for you. But, every year, millions of dollars in your state alone go unused because people do not realize the grant money is available to them.
That’s right – all the money is non-taxable, interest-free, and 100% yours to do whatever you want with it… and you never have to pay it back! The only requirement is that you are a U.S. citizen and a taxpayer. It doesn’t matter if you have bad credit, no experience, or even have filed for bankruptcy – you can still tap into the billions of dollars of grant money just waiting for you. Frankly, it’s amazing that so few people take advantage of this economic ‘gift’ the government created to assist the American people.
If you are interested in finding out more about Government Grants and how to obtain them, I suggest this site, it has all the answers to all the questions when it comes to step by step, obtaining a grant. Visit http://absolutevaluestore.com/ and see how easy it is to get the Government Grant that is right for you.