Elder Abuse Alert : Policemen Asking For Support Sometimes A Scam

A pile of money sitting next to stacks of cash.


The AARP Has been great at tracking the latest scams all across the nation and letting us know what to look out for.  Although not new, people who call saying they are asking on behalf of organizations such as the National Save The Police Fund which make you believe they are a charity are actually scamming us.  They aren’t a charity.  According to AARP The Magazine, March/April 2022 Issue, page 74) many of these organizations are actually “independent, expenditure-only†political action committees, or PACs.  Super PACs generally are regulated by the Federal Election Committee (FEC) which scrutinizes spending of these organizations very little.  This is unlike a typical charity which has to register with the Internal Revenue Service (IRS) to become a 501 (c) 3.  According to Nomorobo, a robocall-blocking company that works with AARP on fraud prevention, at the end of 2021, robocalls raising money for police groups were the highest volume phone messages in most major U.S. markets.

Monterey, CA Avoid Taxes on Required Minimum IRA Distributions By Giving To Non-Profits


Although the IRS requires us to withdraw a certain amount each year from our retirement accounts in order to satisfy the Required Minimum Distribution requirements.  However, if you don’t need the money, you can transfer money directly to a non-profit via a qualified charitable distribution.  This can be done for a total of up to $100K per year and meet the IRS guideline.  You can split your contributions between as many charities as you want under IRS rules, although some banks do place a limit on this.  Talk to your bank and a local accounting firm like Hayashi & Wayland.

https://www.hw-cpa.com/