Word: tax-exempt
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...world's billionaires, 17 of Britain's 41 billionaires are foreigners. They're drawn to the country in part by a tax break that exempts anyone born outside Britain from paying a 40% income tax on their overseas earnings. Few countries are as generous toward their foreign rich, and figures from the Treasury show that the number of people claiming tax-exempt status in the 2005-06 tax year was 114,000, almost double what it was 10 years...
...outperformed its rival for more than a decade. In response to the ballooning size of university coffers, some legislators have sought to require that educational institutions spend at least 5 percent of their endowment annually. “The donations to those endowments and the endowments themselves are all tax-exempt,” said Sen. Charles E. Grassley (R-Iowa), who has championed the 5 percent mandate, in a statement Monday. “American taxpayers are subsidizing that tax-exemption, and they deserve public benefit in return.” Yale previously targeted an endowment payout rate...
...anonymous mailings includes a seven-year-old news article about a church that lost its tax-exempt status after paying for a newspaper ad that criticized former President Bill Clinton. Another mailing warns church leaders against "campaigning" for a candidate, before announcing in capital letters: "IT WILL LAND YOU IN THE SLAMMER!" The letter, which is signed by "Concerned Christian," then suggests that churches should avoid even more anodyne political involvement. "With Sen. Grassley holding hearings on exactly this issue in Washington DC, we can't be to careful!!!!" it states, with a notable misspelling. Hollinger said the letters were...
...article about a Senate investigation into the finances of Prosperity gospel televangelists referred mistakenly to a 2006 letter from the IRS confirming the Joyce Meyer Ministry's tax-exempt status. While the IRS reviewed the ministry's activities from 2004 to '06, it sent its letter of confirmation in October...
...election cycle, the IRS warned 26 charities that they'd stepped over the line, and a further 60 are under investigation. Former House Speaker Newt Gingrich in August returned a $50,000 check to a Colorado family foundation after his policy organization determined the donation was illegal. Losing tax-exempt status could be financially devastating to smaller nonprofits. "You do have to be careful," says Ann Kuster, a lawyer advising the Nonprofit Primary Project. "Everything we undertake must be nonpartisan and include every candidate...