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IRS goes after eBay sellers

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IRS goes after eBay sellers

Monday, March 28, 2005

San Jose, California — As the April 15 deadline for U.S. private citizens to file their 2004 income tax returns draws near, the government is reminding sellers on eBay that they may have to report any proceeds from sales on the auction site as taxable income.

This could be a surprise to some of the 135 million registered eBay users who consider trading on San Jose-based auction site to be a non-taxable hobby. Complicating matters, eBay says it doesn’t report individual sales figures to the government – users are responsible to report any profits on their own tax returns.

The amount of money traveling through eBay is big business. $33.8 billion worth of merchandise was sold on the site in 2004, up from $5.2 billion in 2000.

Although eBay pays taxes on its share of the sales (5.25 percent cut from each transaction as of Feb. 18), the IRS fears some small businesses are using the site to dodge tax responsibility. Adding to the confusion, some sellers may legally be a taxable business without realizing it.

The U.S. Internal Revenue Service has a nine-point checklist it uses to determine whether or not a money-making activity is legally a business, which means money made is taxable, or a simple hobby – where it is not taxable. The IRS can consider a person to be a legal “business” even though they never incorporated or claimed to be one.

According to Woodbury, New York-based accountant Bart Fooden in an Associated Press interview, the IRS looks for such things as evidence that the auction seller depends on the eBay sales income to pay for activities other than maintaining the hobby, acts in a businesslike manner when selling on auctions or puts enough time and effort into the eBay activities that there is an obvious intent to make a profit.

But Fooden said in the same interview casual users probably have nothing to worry about. Those cleaning out closets or the garage and selling off junk for less than the original price paid are not turning a profit, so that money is not considered income and is not taxable.

Retrieved from “https://en.wikinews.org/w/index.php?title=IRS_goes_after_eBay_sellers&oldid=2606836”

Ottawa plans tax windfall to deal with budget surplus

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Ottawa plans tax windfall to deal with budget surplus

Sunday, October 9, 2005

Canada’s federal government has announced a new program that plans to share unexpected budget surpluses with ordinary citizens. It should be introduced in Ottawa as early as Friday.

The Surplus Allocation Act would share any surplus equally between tax cuts, new spending and debt relief. It would not replace Canada’s $3 billion emergency fund. Under existing law any surplus is funneled completely into debt relief.

The benefit would come as an amount added on to the income tax returns of that year. It would then be added on to the amount a person can earn tax-free for each subsequent year.

Along with the new home heating oil rebate program are considered to be pre-election maneuvering from the liberals. Paul Martin has promised an election within 30 days of the Gomery Commission Report’s release. The report is expected in February.

Retrieved from “https://en.wikinews.org/w/index.php?title=Ottawa_plans_tax_windfall_to_deal_with_budget_surplus&oldid=1093904”

Firefighters rescue nearly a dozen animals in Buffalo, New York house fire

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Firefighters rescue nearly a dozen animals in Buffalo, New York house fire

Friday, June 22, 2007

Buffalo, New York —A three alarm fire at a house owned by John and Evelyn Bencinich, two of the initiators of a lawsuit filed against the Elmwood Village Hotel proposal in Buffalo, required firefighters to rescue eight cats and two dogs in Buffalo, New York today.

At about 8:30 (eastern time) firefighters were called to the home on 48 Granger Place to put out a fire that had started in the basement. It quickly spread to the first floor where the main bathroom was destroyed. The fire did not spread to the second floor or attic.

Initial calls said that many animals were inside the house and firefighters quickly worked to rescue all the cats and dogs. At least one cat and one dog had to receive CPR and oxygen, but both are reported to be in stable condition. At least 3 cats are unaccounted for, but after a search of the house, the cats were not believed to have been inside at the time the fire started.

One elderly woman, Anna Bencinich, the mother of Evelyn, was rescued by neighbors who helped her from the burning house.

“There was smoke all over the house. The fire started in the basement and spread to a small portion of the first floor. Two firefighters were injured while fighting the fire and were transported to Erie County Medical Center,” said Division Fire Chief Thomas Ashe who also said that sections of the kitchen wall at the back of the house had to be torn out to stop the fire from spreading through the walls.

One firefighter is being treated for bite injuries to his face that he received while attempting to rescue a dog. The other firefighter was treated for injuries he received to his hand, which was believed to have been caused by glass or a cat scratching him. The names of the injured firefighters are not known. The injuries are said to not be life threatening.

According to witness reports, the home owners had a new water heater installed just last week, but it is not known if the fire was caused by the heater.

“We believe the fire was caused by an electrical (malfunction). An investigation is being conducted,” said Battalion Chief Joe Fahey who also added that they did not believe arson was the cause.

Retrieved from “https://en.wikinews.org/w/index.php?title=Firefighters_rescue_nearly_a_dozen_animals_in_Buffalo,_New_York_house_fire&oldid=2470824”

categories Uncategorized | March 10, 2021 | comments Comments (0)

Death of captive rhino halts propagation efforts in US

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Death of captive rhino halts propagation efforts in US

Friday, April 4, 2014

After the death of the Cincinnati Zoo’s female Sumatran rhinoceros last Sunday, Dr. Terri Roth, the director of the zoo’s research facility specializing in propagation, told Wikinews her organization remains committed to the Sumatran rhinos, an animal that is currently listed by the International Union for the Conservation of Nature as critically endangered.

Suci (pictured left with Roth), the last female in captivity in the United States, died and was one of only two Sumatran rhinos in captivity in the United States.

The number of Sumatran rhinos worldwide is now around 100, according to Roth, who is the vice president of Conservation and Science and the director of Conservation and Research of Endangered Wildlife (CREW) at Cincinnati Zoo & Botanical Garden in Ohio. She told Wikinews her research facility will continue to work with its partners abroad and focus on genetic diversity.

“Realistically, the odds are against us. This is going to be a tough one to save. It’s been a roller coaster experience and it’s been a challenge,” said Roth.

In the 1980s, Indonesia and the United States entered into a pact to save the animal. According to the plan, Indonesia would enclose captured rhinos in a secure wildlife habitat and provide United States zoos with additional captured rhinos, with the two working together to rebuild the population using the wildlife and captivity. The US program experienced a set back when four out of its seven rhinos died, while zoos were learning to feed them ficus rather than hay.

Roth is an expert on the propagation of the Sumatran rhino. Since the late 1990s, when the Cincinnati Zoo received the last three surviving captive rhinos in the United States, she has studied their mating and pregnancy. This led to the ability to detect pregnancy within sixteen days of conception by ultrasound. After five failed pregnancies, Roth tried hormone treatments of progesterone with success. In 2001, CREW and the Cincinnati Zoo celebrated the first rhino birth in captivity in 112 years, a male named Andalas. The previous Sumatran rhino birth in captivity occurred in 1889 in a zoo in Calcutta, India.

Roth’s work with Emi also produced Suci, a female born in 2004; and Harapan, a male born in 2007. Andalas was returned to Indonesia to sire Andatu, another success in the joint Indonesia-US project. Back in the US, the CREW facility would have to partner Suci with her brother Harapan once he reached sexual maturity between six to seven years age. Suci’s death on Sunday ended that plan.

“We were hoping to produce another calf, for a number of different reasons. One is that the females do lose fertility over time if they don’t get pregnant. So we thought even though were not doing a good genetic match, at least getting her pregnant would preserve her fertility. Although, we never got the opportunity to do that.” Roth said.

Indonesia will not be sending the US zoos any more Sumatran rhinos, Roth said, and for Indonesia it is a matter of national pride to rescue the Sumatran rhino.

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Sumatran Rhino (Dicerorhinus sumatrensis) at Cincinnati Zoo. Image: Ltshears.

Dr. Terri Roth, director of Conservation and Research of Endangered Wildlife. Image: Snbehnke.

Dr. Terri Roth tells an audience at the annual Marlene V. Shaw Biology Lecture at the University of Southern Indiana about the work of Center for Conservation and Research of Endangered Wildlife (CREW). Image: Miharris.

Dr. Terri Roth giving her presentation on Sumatran Rhinos. Image: Snbehnke.

Retrieved from “https://en.wikinews.org/w/index.php?title=Death_of_captive_rhino_halts_propagation_efforts_in_US&oldid=3187131”

categories Uncategorized | March 9, 2021 | comments Comments (0)

On the campaign trail in the USA, July 2016

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On the campaign trail in the USA, July 2016

Tuesday, August 23, 2016

The following is the third edition of a monthly series chronicling the U.S. 2016 presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

In this month’s edition on the campaign trail: two individuals previously interviewed by Wikinews announce their candidacies for the Reform Party presidential nomination; a former Republican Congressman comments on the Republican National Convention; and Wikinews interviews an historic Democratic National Convention speaker.

Retrieved from “https://en.wikinews.org/w/index.php?title=On_the_campaign_trail_in_the_USA,_July_2016&oldid=4588770”

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Portable Electric Winch System For Spa Placement

Portable Electric winch system for spa placement

by

electric winch

No state-of-the-art hoisting or electric winch system offers all the features of the present invention. The present invention features a base in this instance made of steel with a pivot shaft. The pivot shaft has attached a common hand or electric winch with a cable or strap with hook attached. This base is then attached to the joists of a deck or platform via ratcheting tie down straps. A ready-made temporary ramp is attached to the outside joist of the deck or platform. When attached and aligned, this system enables a person to hoist a spa, hot tub, or other load with a flat bottom to the top of the deck. This job would typically be performed with 4 or more persons using a pulling method or the use of expensive crane or forklift machinery. With the present invention there is a large reduction of labor, safety and control is increased, and there is no need for heavy machinery.

Since certain changes may be made in the foregoing disclosure without departing from the scope of the invention herein involved, it is intended that all matter contained in the above description and depicted in the accompanying drawings be construed in an illustrative and not in a limiting sense.

[youtube]http://www.youtube.com/watch?v=olTk1hhwDvk[/youtube]

This invention provides a very strong pivot shaft in this case made of steel attached to a rectangular base in this case also made of steel. Firmly attached to the top portion of the pivot shaft is a hand or electric winch of appropriate weight limits for the load. Also attached to the pivot shaft below the winch in this case are the two ends of a support chain or other type supports strong enough to handle the weight of the load. The ends of the support chain is attached to the right and left sides of the rear of the base using the attached chain brackets. The entire support base and pivot shaft assembly is then firmly but temporarily attached to the joist of a deck or platform in this case using four ratchet tie down straps of suitable strength.

A temporary ramp is attached to the face joist of the deck or platform. The ramp in this case is made of wood but could be made using material with suitable strength for the job. A spa, hot tub or other load is placed on the ramp bottom down and balanced. A strap, rope, or cable of sufficient strength is placed around the spa, hot tub, or other type of load and secured.

The cable or strap from the winch attached to the pivot shaft is reeled out and attached to the strap around the spa or hot tub using the hook at the free end of the cable. The winch is then engaged. The strapping around the load and cable from the winch tighten. The pivot shaft starts to rise to the extents of the chain supports. The winch is further engaged by the user hoisting the spa up the ramp to the top.

The present invention provides a controllable electric winch system for the placement of a spa, hot tub or other heavy flat bottom load onto the top of a high deck or platform. This control provides a high level of ease and safety in this winching process that is not available in the spa and hot tub industry at this time. While pulling the item up the ramp, the winching process is a slow gradual lift. The hand or electric winch has a breaking feature that provides the opportunity to stop the hoisting process at any time for adjustment or rest if needed.

In the particular example shown,

Electric Winch

conduit 32 is at least partially provided by interior surfaces of boom 20.

Article Source:

ArticleRich.com

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Crosswords/2005/February/1

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Crosswords/2005/February/1

Tuesday, February 1, 2005

Feel free to use the Wikimedia sites to solve our Wikinews crossword (Please do not fill it out online as it would spoil it for other people, print it out and fill it in at you own leisure!)

If you like, you can follow the instructions on Crosswords/Across Lite to download and solve today’s crossword on your computer.

Today’s crossword in Across Lite TEXT format (warning – contains answers!).
< Yesterday’s crossword.
Retrieved from “https://en.wikinews.org/w/index.php?title=Crosswords/2005/February/1&oldid=515782”

categories Uncategorized | March 8, 2021 | comments Comments (0)

Air Canada back in the black in 2010

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Air Canada back in the black in 2010

Saturday, February 12, 2011

In the final quarter of 2010, airline Air Canada (TSX:AC.B) earnings rose to 134 million CAD, 42 cents per share, capping a sharp return to profitability in 2010.

The year resulted in the company’s highest-ever earnings before interest, taxes, depreciation, amortisation, and rent (EBITDAR) of $1.39 billion, 707 million more than the previous year. Operating income for fourth quarter was reported as $85 million, which compared very favourably with an $83 million loss in 2009.

Only 21 months ago Air Canada was threatened with bankruptcy and using its financial weakness in negotiations with its employees, achieving status quo contracts. With labour contracts scheduled to end this month and next, the strong position of the airlines is expected to stiffen union resolve to share in the increased net revenues.

Those revenues were helped by increasing numbers of passengers and reducing costs, as well as foreign exchange gains. International travel, especially to the Pacific region, led the rises. US travellers through the main Toronto hub more than doubled, indicating the increase in foreign air traffic to and through Canadian airports.

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categories Uncategorized | March 7, 2021 | comments Comments (0)

Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’

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Market maker Bernard L. Madoff arrested in $50B ‘giant Ponzi scheme’
 Correction — January 10, 2009 This article incorrectly states that Mr Madoff attended Hofstra University Law School. His education was actually with Hofstra College, which he graduated from in 1960. 

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Retrieved from “https://en.wikinews.org/w/index.php?title=Market_maker_Bernard_L._Madoff_arrested_in_$50B_%27giant_Ponzi_scheme%27&oldid=4561285”

categories Uncategorized | March 1, 2021 | comments Comments (0)

Prime Minister of Italy Silvio Berlusconi assaulted

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Prime Minister of Italy Silvio Berlusconi assaulted

Sunday, December 13, 2009

Italian Prime Minister Silvio Berlusconi is in San Raffaele Hospital overnight in Milan following an assault during an autograph session at the end of a rally.

The 73 year-old media mogul received a punch in the face from an assailant who police named as 42 year-old Massimo Tartaglia, a local man who has been undergoing mental health treatment for ten years. Tartaglia was holding a replica of Milan’s famous Domo Cathedral as he struck the premier; the composition of the replica is unknown, but eyewitnesses suggest it may have been made from marble, iron or another heavy material.

The assailant is currently in custody at a police station somewhere in Milan; police have confirmed he has no prior criminal record.

The attack on Berlusconi left him requiring treatment for damage to his mouth, a broken nose, cuts to his face and, according to reports from BBC News, at least two broken teeth. He has undergone a precautionary CT Scan. This is not the only attack Berlusconi has received; several years ago a man hit him with a tripod, leaving him with a cut to his forehead.

Retrieved from “https://en.wikinews.org/w/index.php?title=Prime_Minister_of_Italy_Silvio_Berlusconi_assaulted&oldid=3708958”

categories Uncategorized | February 26, 2021 | comments Comments (0)