Now that's a very provocative statement.........
The IRS is conducting a nationwide investigation into non-profits. 501C's are used to run just about every kind of fraudulent accounting schemes, some observers say.
Legal fees, a line item in most non-profit accounting reports, are well-used money laundering schemes that evade US taxes and use fraudulent accounting techniques to violate US banking and SEC laws.
N/P's use several tax dodges. Many nonprofits, and their donors profit through loopholes amid concerns that NPO's juggle the books. One notorious N/P was paying for the director's housing sub rosa.
We need to determine whether the Entertainment Industry Development Corp. is cooking their books, and whether they fraudulently filed false documents and whether they misled state and federal agencies.
We need to know whether the Entertainment Industry Development Corp. made accurate statements about income and outgo.
The IRS should determine whether corporate contributors to Entertainment Industry Development Corp. misused corporate reserve accounts, concealing losses, inflating asset values and improperly accounting for transactions, as well as deferring profits into reserve accounts, improperly shifting capital funding to other projects to hide illegal payments, and so on.
Any of these practices could jeopardize the financial interests of stockholders and would compel the SEC to step in.
The IRS should determine whether the Entertainment Industry Development Corp. is properly accounting for all its tax-exempt activities, whether it is inflating legal costs, and whether it is using income for the purposes stated.
We need to know whether the Entertainment Industry Development Corp. is engaged in Enron-style accounting and spending practices.
Anyone with concerns about these issues should contact the SEC here: enforcement@SEC.gov.
OFF-TOPIC, BIG time and WRONG.
No. This is NOT about the income tax. It's about the local governments' willingness to take tax money from ordinary citizens and give it to totally unworthy less-than-ordinary citizens with big egos, big PR firms, big businesses, and GREAT BIG PRO-BUSYBODY MOTORMOUTHS.
The INCOME TAX should DIE and NEVER be used again for ANYONE'S personal agenda, YOURS OR mine.