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Can a non-profit Org. cash a JP ticket and NOT pay taxes?

Topic closed. 38 replies. Last post 5 years ago by mcginnin56.

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United States
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May 25, 2011
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Posted: May 28, 2012, 11:59 am - IP Logged

Qualifying is a fairly simple matter of filing all the correct paper work. I may even choose to call myself

"The Reverend Ronnie Jackson" 

I look forward to your first sermon, Reverend! How may I make a donation to your fine church?   Hyper


    United States
    Member #116268
    September 7, 2011
    20244 Posts
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    Posted: May 28, 2012, 12:15 pm - IP Logged

    I look forward to your first sermon, Reverend! How may I make a donation to your fine church?   Hyper

    OHHH YeaHHH bAAAaaby,

    As a "non-operating" private foundation...... I wont be taking contributions, but thank you just the same.

    a private foundation usually derives its principal fund from an individual, family, corporation, or some other single source and is more often than not a grantmaker and does not solicit funds from the public

    Examples of a non-operating private foundation would be the Rockefeller Foundation and the Bill & Melinda Gates Foundation.

    Cited from Wiki (emphasis added) http://en.wikipedia.org/wiki/Charitable_organization

      OldSchoolPa's avatar - Lottery-057.jpg
      Gurnee, Illinois
      United States
      Member #49731
      February 12, 2007
      917 Posts
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      Posted: May 28, 2012, 12:31 pm - IP Logged

      I'm just wondering because I think it might be better to intentionally avoid paying taxes and just give myself a salary of a couple a hundred thousand a year. (plus living expenses of course)

      I hate paying more than my fair share of taxes just like anybody, but if and when I win a lottery jackpot, the last thing I am going to be thinking about is how to avoid paying taxes.  That usually does not end up very well for those who try to do that (er, uhm, can anybody say Richard Hatch, Wesley Snipes, Charlie Rangel...oops, not paying your taxes only will land you in jail if you are not a Congressman!).  I will happily pay my 30 percent or even 40 percent total taxes.  The way I see it, that is 60 percent more money than what I started the day with, so I won't quibble about giving Uncle Sam his share.  Of course, I would hire an accountant so that I don't pay a dollar more than what I am supposed to pay, but as for scheming to get out of paying taxes?  I would much rather be at peace at some nice resort, playing rounds of golf and taking in beautiful scenary than worrying about when Big Brother I.R.S. will come a knocking on my door!  Right about now, $95.4 Million minus $28.6 Million in taxes would put $66.8 Million big ones in my bank account...and that would put a very big smile on my face my friends.

      Now after I win, I just might start my own church. I would call it "The Jackpot Redemption Center" and the gospel I would preach would be lottery prosperity gospel.  Can I get an "AMEN?!" Then I would donate all of my assets to MY church and live from the salary paid out to me!  Think that is a foolish idea? Well it is well known that ordinary people flock after lottery winners seeking a handout, so I figure I would be able to get a pretty nice following.  But I would preach that you have to give in order to receive, for God loves a cheerful giver!

      Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

      The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!


        United States
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        September 7, 2011
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        Posted: May 28, 2012, 12:57 pm - IP Logged

        I hate paying more than my fair share of taxes just like anybody, but if and when I win a lottery jackpot, the last thing I am going to be thinking about is how to avoid paying taxes.  That usually does not end up very well for those who try to do that (er, uhm, can anybody say Richard Hatch, Wesley Snipes, Charlie Rangel...oops, not paying your taxes only will land you in jail if you are not a Congressman!).  I will happily pay my 30 percent or even 40 percent total taxes.  The way I see it, that is 60 percent more money than what I started the day with, so I won't quibble about giving Uncle Sam his share.  Of course, I would hire an accountant so that I don't pay a dollar more than what I am supposed to pay, but as for scheming to get out of paying taxes?  I would much rather be at peace at some nice resort, playing rounds of golf and taking in beautiful scenary than worrying about when Big Brother I.R.S. will come a knocking on my door!  Right about now, $95.4 Million minus $28.6 Million in taxes would put $66.8 Million big ones in my bank account...and that would put a very big smile on my face my friends.

        Now after I win, I just might start my own church. I would call it "The Jackpot Redemption Center" and the gospel I would preach would be lottery prosperity gospel.  Can I get an "AMEN?!" Then I would donate all of my assets to MY church and live from the salary paid out to me!  Think that is a foolish idea? Well it is well known that ordinary people flock after lottery winners seeking a handout, so I figure I would be able to get a pretty nice following.  But I would preach that you have to give in order to receive, for God loves a cheerful giver!

        The way I see it they are going to spend a couple of TRILLION this year whether they have it or not so what do they need my measly $40 million for??? Besides $40 million will pay for a lot of accountants and lawyers even if I was just "avoiding" taxes but that wont be the case as it is easy to do what is required to be a legit charity and still go to the resort, besides you don't need 66.8 million in the bank to go hang out at a resort. lol. I can do that right now without having any extra money left sitting in a bank somewhere. Bank accounts are not my source security or prosperity....   mmmmmmmmmmmmmmmmmmm yyyeeeeaaaahhh brother.  amen, amen.

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
          United States
          Member #30470
          January 17, 2006
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          Posted: May 28, 2012, 3:49 pm - IP Logged

          Hmmm, Switzerland sounds like a nice country too! They also make nifty watches and chocolate.  Whatta think Ronnie?  A  little cooler climate,

          but better protection for your Lovies money.

          Not anymore, those banking laws changed due to U.S. pressure.

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.


            United States
            Member #111442
            May 25, 2011
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            Posted: May 28, 2012, 3:55 pm - IP Logged

            Not anymore, those banking laws changed due to U.S. pressure.

            What about leaving all my assets with my Aunt Dorothy? If I can't trust her, whom can I trust?   What?

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              NY
              United States
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              October 16, 2005
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              Posted: May 29, 2012, 1:02 am - IP Logged

              Here's one more brain-fart for you Ronnie. Idea  Take your winning Mega-Jackpot as a lump sum. (you still need to pay the minimum 25% federal

              and any applicable state tax). Now move yourself and all your assets into the Cayman Islands, and form an off shore account. Here your money

              is protected from all other international countries.

               

              Now at your leisure, you are free to dole out whatever monies, to whatever charities of your choice, with no further tax obligation. Normally you

              would still be on the hook for another 10% or so, for additional federal tax come the following year.  But Because of your new status as a Cayman

              citizen, and your money is protected from any intruding hands from the Patriot,  your as free as a bird.    Cheers

              For the sake of argument, let's forget that becoming a Caymanian requires that you first get a permanent resident certificate (easy enough if you've got a few million bucks) and spending a minimum of 3 years as an actual resident. Let's also pretend that putting your money in a CI account will result in a 100% guarantee that the US will never be able to find any information about it. There's still the matter that you won the lottery while you were a US citizen and a resident.

              The taxes you owe on your winnings will be based on your US citizenship and your residence at the time you won. As a practical matter that means you owe 35% to the IRS and probably 3 to 9% to a state. If you don't voluntarily give them the money they're going to try to take it. Whether they find it and take it easily or can't find it at all you can expect to be charged with tax evasion. You can now expect to owe a hefty additional chunk of your winnings and an entire country with a  seriou sinterest in putting you in jail. I really like the Caymans, but even if you would be happy spending every day of the rest of your life there to avoid taxes or jail the Caymanian government will be happy to comply with the request for extradition that is a virtual certainty. To add insult to injury, they'll probably fly you to MIA.

              Then there's the whole renunciation of your US citizenship. It's not particularly hard to do, but the US government is going to assume you've done it to avoid taxes. I'll guess that the investigatin determines that is your reason, and that means they're going to want income taxes from you for another 10 years.

              YMMV, but that all sounds a bit inconveninet to me.

                mediabrat's avatar - 18z0typ
                upstate NY
                United States
                Member #108791
                March 31, 2011
                549 Posts
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                Posted: May 29, 2012, 3:08 am - IP Logged

                I hate paying more than my fair share of taxes just like anybody, but if and when I win a lottery jackpot, the last thing I am going to be thinking about is how to avoid paying taxes.  That usually does not end up very well for those who try to do that (er, uhm, can anybody say Richard Hatch, Wesley Snipes, Charlie Rangel...oops, not paying your taxes only will land you in jail if you are not a Congressman!).  I will happily pay my 30 percent or even 40 percent total taxes.  The way I see it, that is 60 percent more money than what I started the day with, so I won't quibble about giving Uncle Sam his share.  Of course, I would hire an accountant so that I don't pay a dollar more than what I am supposed to pay, but as for scheming to get out of paying taxes?  I would much rather be at peace at some nice resort, playing rounds of golf and taking in beautiful scenary than worrying about when Big Brother I.R.S. will come a knocking on my door!  Right about now, $95.4 Million minus $28.6 Million in taxes would put $66.8 Million big ones in my bank account...and that would put a very big smile on my face my friends.

                Now after I win, I just might start my own church. I would call it "The Jackpot Redemption Center" and the gospel I would preach would be lottery prosperity gospel.  Can I get an "AMEN?!" Then I would donate all of my assets to MY church and live from the salary paid out to me!  Think that is a foolish idea? Well it is well known that ordinary people flock after lottery winners seeking a handout, so I figure I would be able to get a pretty nice following.  But I would preach that you have to give in order to receive, for God loves a cheerful giver!

                Careful... the loonies here are going to call you a Communist for being willing to pay your fair share of taxes...


                  United States
                  Member #111442
                  May 25, 2011
                  6323 Posts
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                  Posted: May 29, 2012, 6:23 am - IP Logged

                  For the sake of argument, let's forget that becoming a Caymanian requires that you first get a permanent resident certificate (easy enough if you've got a few million bucks) and spending a minimum of 3 years as an actual resident. Let's also pretend that putting your money in a CI account will result in a 100% guarantee that the US will never be able to find any information about it. There's still the matter that you won the lottery while you were a US citizen and a resident.

                  The taxes you owe on your winnings will be based on your US citizenship and your residence at the time you won. As a practical matter that means you owe 35% to the IRS and probably 3 to 9% to a state. If you don't voluntarily give them the money they're going to try to take it. Whether they find it and take it easily or can't find it at all you can expect to be charged with tax evasion. You can now expect to owe a hefty additional chunk of your winnings and an entire country with a  seriou sinterest in putting you in jail. I really like the Caymans, but even if you would be happy spending every day of the rest of your life there to avoid taxes or jail the Caymanian government will be happy to comply with the request for extradition that is a virtual certainty. To add insult to injury, they'll probably fly you to MIA.

                  Then there's the whole renunciation of your US citizenship. It's not particularly hard to do, but the US government is going to assume you've done it to avoid taxes. I'll guess that the investigatin determines that is your reason, and that means they're going to want income taxes from you for another 10 years.

                  YMMV, but that all sounds a bit inconveninet to me.

                  That's the trouble with some of us Americans nowday's, we couldn't bear to be inconvenienced.  Crying

                  Whatever happened to the John Wayne style of rollin' up your sleeves, gettin' the job done and no whining about it?