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A portion of these funds will also go to the Estate of George Floyd for the benefit and care of his children and their educational fund." One week after the tragedy and only four days after the start of the fund, it had already raised $7 million, putting it in ranking as one of the most highly funded GoFundMe campaigns to date. [34]
By comparison, a fund set up as a C Corporation would be subject to tax for its earnings, and then the limited partners would be subject to tax when they received their profit in the form of dividends distributed by the corporation. Thus, the LLC or LP format allows a fund to avoid double taxation.
We Build the Wall is an organization that solicited donations to build private sections of the wall along the Mexico–U.S. border.It started as a GoFundMe campaign by United States Air Force veteran Brian Kolfage in December 2018. [2]
A host of conservative figures have poured money into a GoFundMe page for the victims of the shooting at Donald Trump’s Butler, Pennsylvania rally - with it now nearing $2 million in total ...
The U.S. Internal Revenue Code, 26 United States Code section 7201, provides: Sec. 7201. Attempt to evade or defeat tax Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 ($500,000 ...
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Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, bribing authorities and hiding money in secret locations.
Editor’s Note: Help is available if you or someone you know is struggling with suicidal thoughts or mental health matters. In the US: Call or text 988, the Suicide & Crisis Lifeline.