Archive for 'IRS'

U.S. Treasury to Auction Gold Bars, Diamonds and Lamborghini

U.S. Treasury to Auction Gold Bars, Diamonds and Lamborghini-Image via Wikipedia

VSE Corporation and Rick Levin & Associates, Inc. will conduct an auction of seized and forfeited property on behalf of the U.S. Department of the Treasury.

Other agencies that are participating include: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service, and Secret Service.  Proceeds from the auction are returned to these agencies through the Treasury Asset Forfeiture Fund for the continuation of their enforcement efforts.

The auction will take place at 9 a.m. on Wednesday, March 30, 2011, at the VSE Warehouse, at 6711 Sycamore Canyon Blvd., Riverside, CA 92507.

A wide variety of merchandise will be auctioned, including:

  • 2007 Lamborghini Murcielago Convertible
  • 1951 Oldsmobile V8
  • 1966 Cessna U206B Super Skywagon Aircraft
  • Gold Bars, Loose Diamonds & Assorted Gold & Silver Jewelry
  • Serigraph’s by Various Artists, Signed by Ted Williams, Joe DiMaggio & Jimmy Buffett

HP Laptops & Other Electronics Proceeds from the auction are returned to the U.S. Treasury’s Asset Forfeiture Fund for the continuation of law enforcement efforts by the participating agencies: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service and Secret Service.

Main previews of these items will take place at the VSE Riverside Warehouse on Monday, March 28 from 9:00 a.m. to 4:00 p.m. and Tuesday, March 29 from 9:00 a.m. to noon. Bidders may register for the auction during these preview times or register beginning at 8:00 a.m. on the day of the sale at the VSE Riverside Warehouse. There are no property previews on sale day and no property removal on day of sale.

For detailed information on specific merchandise to be auctioned, please visit the Treasury website at: www.treas.gov/auctions/treasury/gp

More information can also be found at www.ricklevin.com or by calling VSE Corporation Inc. at 888-534-2828

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Rick Levin

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=73111

CONTACT: Rick Levin & Associates, Inc., +1-773-252-4500

Web Site: http://www.ricklevin.com

Little-Known Glitch: “Making Work Pay” Tax Credit Improperly Applied to Millions of Retirees in 2010, Creating Surprises on Tax Returns 

Millions of seniors are in for an unpleasant surprise when they file their tax returns over the next few weeks. The Making Work Pay tax credit was incorrectly applied to an estimated 13.4 million taxpayers in 2010, many of them seniors, according to the Treasury Department. This leaves many retirees unexpectedly owing hundreds of dollars in taxes, and in some cases paying undue penalties for last year.

The tax credit, a provision of the 2009 stimulus legislation, was advanced to taxpayers in 2009 and 2010 in the form of higher payroll and pension checks (due to lower federal income tax withholdings being deducted from them). Eligible people qualified for a credit of up to $400. But millions of taxpayers were either advanced the tax credit without being eligible for it, or they were advanced more of the credit than they were entitled to.

One glitch affected working seniors who also received Social Security, Supplemental Security Income (SSI), railroad retirement or veterans’ disability compensation. They qualified for a separate $250 economic stimulus payment that should have reduced their maximum Making Work Pay tax credit to $150. But the IRS withholding tables used by employers did not adjust for those payments.

Seniors receiving pensions were affected as well, because the IRS tables allowed reduced withholdings for pensions — even though such income was not even eligible for the credit, which only applied to income earned from a job.

Married couples who worked and also received a pension are at greatest risk and could potentially owe as much as $1,600.

Because the faulty tax tables caused many people to owe taxes they didn’t expect to owe, the IRS has allowed penalties to be waived for the 2009 and 2010 tax years. But the waivers are only given if taxpayers explicitly request them. According to the Treasury Inspector General, last year virtually no taxpayer surveyed knew they could request a waiver.

The Senior Citizens League supports efforts to repeal or reform the way Social Security benefits are subject to taxation. Even though retirees already paid taxes during their working years to fund the Social Security system, their benefits are also taxed once they rise above $25,000 a year. Every year the benefits of more retirees are subject to tax, because the federal government does not adjust the income levels annually as is routinely done with income tax brackets.

Social Security recipients are also required to compute their taxes using a special formula that factors in “provisional” income, including supposedly “tax-free” money such as tax-free municipal bonds or proceeds from ROTH retirement accounts.

“Many seniors will be surprised to find they owe money on their tax returns for 2010 because of the way the IRS implemented the Making Work Pay tax credit,” said Larry Hyland, chairman of The Senior Citizens League. “We urge affected seniors to file their penalty waivers. We also urge the government to eliminate what amounts to double taxation of Social Security benefits, by removing taxes on those benefits.”

With 1.2 million supporters, The Senior Citizens League is one of the nation’s largest nonpartisan seniors groups. Its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association. Visit www.SeniorsLeague.org for more information.

CONTACT: Luba Vangelova, +1-202-657-6246, Luba@PhillipsMediaRelations.com

Boats, Cars and Jewelry in Treasury Auction

Boats, Cars and Jewelry in Treasury Auction

Boats, Cars and Jewelry in Treasury Auction-Image via Wikipedia

VSE Corporation and Rick Levin & Associates, Inc. will conduct an auction of seized and forfeited property on behalf of the U.S. Department of the Treasury.

Other agencies that are participating include: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service, and Secret Service.  Proceeds from the auction are returned to these agencies through the Treasury Asset Forfeiture Fund for the continuation of their enforcement efforts.

The auction will take place at 9 a.m. on Wednesday, March 9, 2011 in the VSE Warehouse, located at 1167 NW 159th Drive, Miami, FL 33169.

A wide variety of merchandise will be auctioned, including:

  • Several Vehicles, such as a 2003 Mercedes-Benz and a 1999 Grand Cherokee Jeep
  • Several Vessels, from a 1990 Wellcraft Scarab to a 1983 Ta-Shing Sailing Yacht
  • Over 300 Lots of Diamond and Gold Jewelry, Watches and Fine Pens
  • Laptops and other Electronics

Proceeds from the auction are returned to the U.S. Treasury’s Asset Forfeiture Fund for the continuation of law enforcement efforts by the participating agencies: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service and Secret Service.

Main previews of these items will take place at the VSE Miami Warehouse located at 1167 NW 159th Drive, Miami, FL 33169 on Monday, March 7 from 9:00 a.m. to 4:00 p.m. and Tuesday, March 8 from 9:00 a.m. to noon. Bidders may register for the auction during these preview times or register beginning at 8 a.m. the day of sale at the VSE Warehouse, Miami, FL. There are no property previews on sale day.

For detailed information on specific merchandise to be auctioned in both sales, please visit the Treasury website at: www.treas.gov/auctions/treasury/gp

More information can also be found at www.ricklevin.com or by calling VSE Corporation, Inc. at 888-534-2828

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Rick Levin

http://www.profnetconnect.com/rick_levin

CONTACT:  Bonnie Arkin of Rick Levin & Associates, Inc., +1-773-252-4500, bonnie@ricklevin.com

CONTACT: Bonnie Arkin of Rick Levin & Associates, Inc., +1-773-252-4500, bonnie@ricklevin.com

Web Site: http://www.ricklevin.com

Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company for First Federal Savings and Loan Association of Hazard, Kentucky and First Federal Savings Bank of Frankfort, Kentucky, announced that the Company has reached a settlement with the Internal Revenue Service in the United States Tax Court allowing a $1.4 million deduction that was previously disallowed by the Service.  The Company had filed a petition with the United States Tax Court claiming that the Company was entitled to a deduction related to payments it made with regard to stock options in March 2005.  The payments were coincident with the initial transactions which were executed for the creation of the Company and the joining of the business entities of the two subsidiary banks.  The Company recorded an additional $443,000 provision for income tax in the fiscal year ended June 30, 2009, in response to the preliminary results of the IRS audit.  The Company anticipates that the tax benefit from the court decision will be recognized in its statement of operations for the three-month period ending March 31, 2011.

The court decision, which was signed by Judge Robert P. Ruwe on February 3, 2011, states that the Company is entitled to a refund of $403,706 plus interest.  Tony D. Whitaker, in commenting about the court decision, said “we have always been confident in the validity of the deduction and are indeed thankful to have received a favorable decision from the court.”

This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases.  The Company intends that such forward-looking statements be subject to the safe harbors created thereby.  All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and changes in the securities markets.  Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.

Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank, which operates three banking offices in Frankfort, Kentucky.  Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB.  At December 31, 2010, the Company had approximately 7,745,703 shares outstanding of which approximately 61.0% was held by First Federal MHC.