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Fighting Game Headquarters |eSports| 4444 Life

M

MiniBossBattle

Member
That's what the wifey told me about the donation. At least with my kids school donation or NPR (yes I am the olds) it offsets what we owe in tax time for bonuses and whatnot. The fact you don't get any receipt from MAW probably means evo collects it and they can use it to offset what they owe Uncle Sam.

But whatever, mahvel amirite?!
 
D

Dahbomb

Member
I mean... do you guys REALLY think MrWiz and co care that much about Breast cancer and Make a Wish foundation? Because if they did then they would be taking half the entrant money from games like SFV and Smash, putting that towards charity too.

The only surprising thing is that they don't get more flak over this from the general media. Just a little bit of investigative and research work would get to the bottom of it. All criticism and logical discussion around this is barricaded behind "but it's for charity".
 
P

pizzacat

Banned
Dahbomb said:
I mean... do you guys REALLY think MrWiz and co care that much about Breast cancer and Make a Wish foundation? Because if they did then they would be taking half the entrant money from games like SFV and Smash, putting that towards charity too.

The only surprising thing is that they don't get more flak over this from the general media. Just a little bit of investigative and research work would get to the bottom of it. All criticism and logical discussion around this is barricaded behind "but it's for charity".
Click to expand...
Youre right, these marvel neanderthals should have donated directly

Everyone wins in that situation
 
notworksafe

notworksafe

Member
yall probably right. im just gonna do a chargeback. those kids don't need the money if it's going through wizard. word on the street is he actually is pro-cancer.

though my $25 could help pay for John Cena to visit someone. that alone is a game changer.
 
D

Dahbomb

Member
Well $10k of the donations is going into the Marvel pot bonus and another $10k is going into the year long Pokken tournaments.

That's $20k that could have been spent on sending John Cena to kids a hundred times!
 
notworksafe

notworksafe

Member
5IRfH49.jpg

https://www.youtube.com/watch?v=Zo5-IuYEiLw
 
T

Tripon

Member
Dahbomb said:
Well $10k of the donations is going into the Marvel pot bonus and another $10k is going into the year long Pokken tournaments.

That's $20k that could have been spent on sending John Cena to kids a hundred times!
Click to expand...
What? The donation money is not going to a prize pot for either Marvel or Pokken. That is separate money from EVO itself.
 
D

Dahbomb

Member
Tripon said:
What? The donation money is not going to a prize pot for either Marvel or Pokken. That is separate money from EVO itself.
Click to expand...
Is this confirmed? I didn't see anything about that, I just assumed that part of the donation money went to the prize pot/tournament.
 
S

Sinatar

Official GAF Bottom Feeder
The donation money is going directly to Generosity, Mr. Wiz doesn't touch it, the pot money is not coming from there.
 
P

Professor Beef

Banned
Dahbomb said:
Is this confirmed? I didn't see anything about that, I just assumed that part of the donation money went to the prize pot/tournament.
Click to expand...

Pretty sure using donation money as something other than a donation would open them up to all kinds of lawsuits, if it isn't already illegal to do. Nobody wants to bring that thunder down on themselves, let alone Wiz and the Cannons because that'd mean the end of one of the biggest tournaments of the year.

But of course you'd rather make dumbass assumptions because that's the only thing theoryfighters are good at.
 
Shouta

Shouta

Member
Dahbomb said:
I mean... do you guys REALLY think MrWiz and co care that much about Breast cancer and Make a Wish foundation? Because if they did then they would be taking half the entrant money from games like SFV and Smash, putting that towards charity too.

The only surprising thing is that they don't get more flak over this from the general media. Just a little bit of investigative and research work would get to the bottom of it. All criticism and logical discussion around this is barricaded behind "but it's for charity".
Click to expand...

That would be bad because that entrant money isn't going towards Evo to use as they like but towards the winner of the tournament, lol.

But yeah, a ton of criticism and proper discussion would get barricaded behind that argument. Pretty unfortunate.
 
D

Dahbomb

Member
Man would I like to see MrWiz's tax forms in a year or so.

Then again Donald Trump is president so who cares about showing taxes anymore.
 
M

MikeBreezy92

Member
Professor Beef said:
Pretty sure using donation money as something other than a donation would open them up to all kinds of lawsuits, if it isn't already illegal to do. Nobody wants to bring that thunder down on themselves, let alone Wiz and the Cannons because that'd mean the end of one of the biggest tournaments of the year.

But of course you'd rather make dumbass assumptions because that's the only thing theoryfighters are good at.
Click to expand...

Lmao beef
 
D

Dahbomb

Member
Tripon said:
So do you care or don't care?
Click to expand...
I would've cared more during the 2013 donation drive, now it's like whatever. I don't really care that much about it but I do feel that there are better ways to raise money for charity than to pit communities against each other.

I sincerely hope we don't get another one of these again. If the FGC really wants to help out charity then someone should take one for the team and organize an event where all profits and proceeds go to charity.
 
K

Kumubou

Member
To my limited knowledge (I'm not a tax attorney or anything), but I don't think MrWizard/Triple Perfect (the company Evo is organized under) can get a "free" tax write-off from the Evo donation drive. They would either need to book the income from the donation drives as income (which would normally be taxable) and then claim a tax credit as a charitable donation (so the best it would do is offset) or Generosity is acting as a pass-through and the company is never touching the funds to begin with (which would then make the tax liability and credit something Generosity would handle).

That's not to say that they're doing solely out of of the goodness of their hearts (the PR they are generating from communities pushing the event and from the charity drive has a very real value and comes at pretty much no expense), but I don't think they're getting a massive tax write-off for free out of it.

Edit: I don't think this was a great way to go about determining the final game at Evo and I really don't want to see communities fighting each other (although I think Evo themselves pitching in 10k to Pokken pots helped stem a lot of that), but that's a whole another issue.
 
Shouta

Shouta

Member
Kumubou said:
To my limited knowledge (I'm not a tax attorney or anything), but I don't think MrWizard/Triple Perfect (the company Evo is organized under) can get a "free" tax write-off from the Evo donation drive. They would either need to book the income from the donation drives as income (which would normally be taxable) and then claim a tax credit as a charitable donation (so the best it would do is offset) or Generosity is acting as a pass-through and the company is never touching the funds to begin with (which would then make the tax liability and credit something Generosity would handle).

That's not to say that they're doing solely out of of the goodness of their hearts (the PR they are generating from communities pushing the event and from the charity drive has a very real value and comes at pretty much no expense), but I don't think they're getting a massive tax write-off for free out of it.

Edit: I don't think this was a great way to go about determining the final game at Evo and I really don't want to see communities fighting each other (although I think Evo themselves pitching in 10k to Pokken pots helped stem a lot of that), but that's a whole another issue.
Click to expand...

It was created on Generosity in Evo's name, wasn't it? So it'd go to Evo and not straight to MAW in that case unless there was some sort of thing behind the scenes.

I was always under the assumption money given through sites like Generosity and GoFundMe were considered gifts and not income, hence why folks aren't taxed on it when someone individually does it. If that works the same for the donation drive, then they donated to a charity themselves, it wouldn't offset but come out in their favor. Maybe there's a different tax rule for when organizations do it like this?

Edit: Oh shit, I just remembered something. I know why they limited it to 10,000 dollars from any single person. That's close to the upper limit a person can give as a gift to someone and that gift won't be taxed as a result.
 
D

Dahbomb

Member
Shouta said:
It was created on Generosity in Evo's name, wasn't it? So it'd go to Evo and not straight to MAW in that case unless there was some sort of thing behind the scenes.

I was always under the assumption money given through sites like Generosity and GoFundMe were considered gifts and not income, hence why folks aren't taxed on it when someone individually does it. If that works the same for the donation drive, then they donated to a charity themselves, it wouldn't offset but come out in their favor. Maybe there's a different tax rule for when organizations do it like this?

Edit: Oh shit, I just remembered something. I know why they limited it to 10,000 dollars from any single person. That's close to the upper limit a person can give as a gift to someone and that gift won't be taxed as a result.
Click to expand...
kvpaw.gif
 
Kalamari

Kalamari

Member
If Evo is a flow through entity, such as a Partnership, LLC, or Scorp, a portion of the charitable contribution flows through to each partner, member, or shareholder. To take advantage of the charitable contribution however, they will need to itemize their deductions rather than use the standard deduction, so they will need to overcome the threshold of the standard deduction to get any benefit.

Shouta's right, for 2016 the annual gift exclusion is $14,000.

Basically, it's a free deduction on their taxes if they can overcome the standard deduction threshold, $6300 if filing single and $12600 if filing jointly. (in 2016)
 
Shouta

Shouta

Member
Kalamari said:
If Evo is a flow through entity, such as a Partnership, LLC, or Scorp, a portion of the charitable contribution flows through to each partner, member, or shareholder. To take advantage of the charitable contribution however, they will need to itemize their deductions rather than use the standard deduction, so they will need to overcome the threshold of the standard deduction to get any benefit.

Shouta's right, for 2016 the annual gift exclusion is $14,000.

Basically, it's a free deduction on their taxes if they can overcome the standard deduction threshold, $6300 if filing single and $12600 if filing jointly. (in 2016)
Click to expand...

Hmm, in that case wouldn't they meet the threshold with how much was raised, even if it's just a portion? The limit was probably put in place to avoid the paperwork associated if hit the annual gift exclusion.

I don't think donations to the drive were tax deductible. Generosity doesn't provide receipts to fundraisers for nonprofits and they were under Evo's name as I recall.
 
Kalamari

Kalamari

Member
Shouta said:
Hmm, in that case wouldn't they meet the threshold with how much was raised, even if it's just a portion? The limit was probably put in place to avoid the paperwork associated if hit the annual gift exclusion.

I don't think donations to the drive were tax deductible. Generosity doesn't provide receipts to fundraisers for nonprofits and they were under Evo's name as I recall.
Click to expand...

Probably, I don't know how the donations would be split or the total amount raised, but if it's split evenly among only a handful of people then they'll probably get quite a large benefit.

Even Fchamp couldn't come up with something like this.
 
notworksafe

notworksafe

Member
Dahbomb said:
I sincerely hope we don't get another one of these again. If the FGC really wants to help out charity then someone should take one for the team and organize an event where all profits and proceeds go to charity.
Click to expand...

New Mexico already did. Twice. Raised $10k for charity and got a law passed in our state to require heart screenings for all newborns.
 
V

vulva

Member
Dahbomb said:
I sincerely hope we don't get another one of these again. If the FGC really wants to help out charity then someone should take one for the team and organize an event where all profits and proceeds go to charity.
Click to expand...

Kinda like notworksafe has done a few times now?
 
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