I had no doubts that nothing improper was occurring; I do think maybe you were a bit harsh on the people who reported it. After all, they have pointed out to you that your accountant has been improperly filing your taxes for a decade, and fixing that may save you problems with IRS in the future.

lirl @ OP.


It's 14k who would even care if they were actually doing something

go after a couple committing millions in tax fraud.

Also, a poker player starting a charity does seem a bit ironic, but good for you mason.

I think that the question is fine, but the implication that all charities should go to the most deserving and most in need is impossible and unfair. Some charities objectives resonate with their donor for some personal reason.

LOL @ OP. Your life must suck. This is one of those many times I wish 2P2 was uncensored. Mason was being too kind calling him garbage. How about that, Mason? We're all adults here....

P.S. Good for you, starting a charity. F the haters.

imo this is a pretty significant error, and not one to brush aside. I'm assuming that this isn't a junior accountant, and one that you've worked with in other tax settings, so not knowing how to lodge a purchase made by Mr. Mahlangu and one that's supposed to be lodged by the foundation is pretty disconcerting.

+1000, couldn't say it better

An awful thing about being in the public eye is that even the best of our works is criticized and torn down by miserable people with no self-esteem or accomplishments of their own... the *only* way that someone makes a post like the OP is if they are a deeply miserable person.

Don't spare them any consideration Mason... not worth the mental energy. Getting annoyed by someone like that is like getting annoyed by baboons throwing their own feces at you... that's just the level they live on.

Making a 280k positive difference in the world is obviously pretty awesome. Well played sir.

Keep up the good work Mason!

huge fan of mason and he's been very to me over the years answering direct questions in the book forum

however, the part i bolded describes the typical 2p2 poster almost perfectly. and the moderators seem to fine with that behaviour, which has always sort of surprised me. i was thinking 2p2 is libertarian in applying its moderation

A

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So how does it work? What are the requirements for a 501c under the law? Enquiring minds (what's left of them after years of drug abuse) want to know.

https://en.wikipedia.org/wiki/501(c)_organization

I understand what a non-profit is. It just that I am unaware of any requirement that non-profits give a set percentage of their income to other charities. Obviously the OP can help me. Could someone unban him please to help me out?

Sorry I understand that I am a moron.

Seems like the simplest answer is because:
It's HIS foundation


Respect to yours and respect to his.

Yeah all good I understand that it is his and I am not trying to put him down or abuse him. I just obviously have a different idea on what Charitable means.

I will look it up and use the USA definition.

A charitable organization is a type of non-profit organization (NPO). It differs from other types of NPOs in that it centers on philanthropic goals as well as social well-being (e.g. charitable, educational, religious, or other activities serving the public interest or common good

As for the Tax Accountant well She needs to have a refresher course as that is generally seen as a Red Flag moment to our Lovlies at our ATO. 14 years??

Mason if you want to feel better Give Up the Sugar and limit your Fructose intake. Not only will you lose weight but have so much more Energy.

Keep up the Good work.

I think you mean the rest of the English-speaking world definition, because I'm pretty sure yours is the only definition that includes anything about not giving away money to people if they look like they don't need it:

Oh Bobo that is why I put the USA net search version up and it is like you say different to mine.

I may start one and help them get to Wimbledon and ask Donald and Opra if they would like some help as well.

So at least Mason admitted he had lied and filed incorrect tax returns for which he is totally Liable for any penalties. Justice in the Land of the Free.

If you took the time and actually downloaded the forms you would see the summary you posted is incorrect; donations and grants are shown on the form correctly. But, for some reason, are reported as "expenses " on the summary.

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Unfortunately, you won't. Instead you will continue to do nothing but post useless troll-drivel from your mom's basement suite.

@inmyrav, public non profit foundations do not currently have a yearly payout requirement. However, the form referred to in the OP is a 990-PF meaning it is a private foundation which do have yearly payout requirements. I want to say it is 5% but don't quote me on it, my accounting experience was all with a public foundation.

Again, it's not just a "US version" where something being charitable has nothing to do with whether the recipient "looks like they could afford to pay it".

Not sure how that's relevant. Or are you saying that you have proof that the people Mason's charity helped are multi-millionaires?

No, I don't believe he did.

oic

Mason's decent enough to start a charity for which the size doesn't matter, there's an easily explained and corrected mistake that makes no essential difference on the tax filings and he has to put up w/ some character of dubious motivation.

Mason: I think you've handled this just fine. You let the thread stand, was rather mild w/ your rebuke - certainly less derogatory than is often the case on 2p2 - shown the recipients of your charitable work.

Keep up the good work.

Bye the way here's why I think the accountant made his mistake:

The form really ought to read 'Total administrative expenses', it's not clear so, having made $10K in distributions he put it there.

'Charitable disbursements' are listed under 'notable expenses.' To be more clear, and not to lead to the possibility that the person preparing the return (it doesn't have to be an accountant) might make a mistake it should read 'Charitable disbursements made in fulfillment of the charity's stated goals.' The possible confusion is easy. Accountant filed in the disbursements in the wrong place and figured that, since it didn't make charitable disbursements to a different charity, he could leave it blank.

This was the work of a malicious OP.

Look, Larry. Have you ever heard of Vietnam?

Tennis at the 2p2 meetup in July?

I'm pretty sure this is how an American Greed episode starts