CELEBRITY TAX ADVISOR JAYSON THORNTON WINS NEAR $1 MILLION IRS APPEAL CASE
Black-owned accounting firm, Thornton Tax, specializes in tax preparation and IRS tax debt settlements for the sports and entertainment industries.
Celebrity tax advisor Jayson Thornton, founder of Thornton Tax, announces winning his appeal case, representing a client served with a $957,553.20 tax deficiency notice from the Internal Revenue Service (IRS). The St. Louis-based accountant shares tips on how to go up against the IRS and win. His practice helps clients with IRS tax compliance cases including audits, collections and appeals.
At just 35-years old, Thornton has built an accounting firm dedicated to defending overwhelmed taxpayers. He says, “I love fighting for the underdog, and when it comes to the IRS everyone is an underdog.”
Thornton has also received numerous accolades for his work. He’s been recognized by the U.S. Department of Treasury for his “Outstanding Contributions” in tax counseling, and in 2017 was voted one of the best accountants in the City of St. Louis by St. Louis Small Business Monthly. He was also honored as one of 20 outstanding African American professionals under the age of 40 by the St. Louis American Foundation.
About Thornton Tax Firm, LLC Thornton Tax is a St. Louis, MO based African American accounting firm that specializes in tax law for clients in the Sports and Entertainment industry in tax compliance cases, tax preparation and IRS tax debt settlements. For more information, visit www.ThorntonOffice.com.
About Jayson Thornton Jayson M. Thornton is a tax advisor and enrolled to practice by the United States Department of Treasury. He is also a certified public accountant (CPA) candidate for the State of Missouri. Thornton earned his associate degree in Accounting from St. Louis Community College, and bachelor’s degree in 2006 from Missouri Valley College as an honors graduate.
127 professional American historians have signed an open letter to Secretary of the Treasury Steven Mnuchin urging that he commit to plans previously announced to replace President Andrew Jackson on the front of the 20-dollar bill with Harriet Tubman, escaped slave turned abolitionist and Civil War military scout. The redesign was to be unveiled by 2020, the 100th anniversary of the vote for women.
In 2016, then Treasury Secretary Jack Lew announced the decision after activists Barbara Ortiz Johnson and Susan Ades Stone launched a petition that garnered over 600,000 votes in an online poll to elect an eminent woman. Tubman was chosen over 100 other heroines, including Susan B. Anthony, Clara Barton, and Eleanor Roosevelt. Lew wrote: “I have been particularly struck by the many comments and reactions from children for whom Harriet Tubman is not just a historical figure, but a role model for leadership and participation in our democracy.”
Since President Donald Trump has taken office, plans have stalled. Secretary Mnuchin has been asked repeatedly to confirm the change to the $20 bill and has deflected. Politicians have added their voice to the chorus in favor of Tubman, including Senator Jeanne Shaheen (D-NH) who states in her letter to Mnuchin, “Women have been a critical part of our nation’s history and values, and the lack of a woman on our American currency is glaring oversight.”
Organized by two leading female historians, Professor Elizabeth Cobbs (Texas A&M) and Professor Catherine Clinton (University of Texas at San Antonio), the purpose of this letter is to show the support of professional historians. “It’s long past due that the contributions of American women to this country be recognized on our great nation’s currency,” says Professor Cobbs. Professor Clinton asserts, “We felt it was important for Secretary Mnuchin to know that backing is broad among scholars, not just activists.”
Six Pulitzer Prize winners have signed the letter, which includes such names such as Doris Kearns Goodwin, Ken Burns, Cokie Roberts, and Walter Isaacson. Many are historians who have chronicled women’s suffrage, slavery, and the Civil War. The group hopes the Treasury Department will recommit to its plan to place Harriet Tubman on the $20 in time for the upcoming August 26 anniversary of women’s suffrage. www.historiansfortubmanonthe20.org.
SOURCE Elizabeth Cobbs, Ph.D. and Catherine Clinton, Ph.D.
NEW SOCIAL NETWORK, BEAN, EXPECTS TO FACILITATE $26 BILLION BACK INTO URBAN COMMUNITIES
Building Economic Advancement Network (BEAN) is aligning strategic investments, incentivized business transactions and cutting-edge technology to increase economic power in urban communities. Headquartered in Louisiana, BEAN is a rising social and economic network, which was founded by real estate investor, DIY Network television personality, and entrepreneur, Darren Walker, 33 of Belle Chasse, Louisiana. The company is scheduled to launch the intuitive BEAN app this coming fall, setting a precedent as the first social network dedicated to the economic advancement of urban communities by leveraging commerce and blockchain technology.
Demonstrating its commitment to this historic, economic empowerment movement, BEAN has set aside 16% of its shares for private investment. Now through December 31, 2018, individuals and investors can purchase BEAN shares with equity in accordance with the U.S. Securities Exchange Commission’s (SEC) rules under the Jobs ACT, Title III, Regulation Crowdfunding (Reg. CF).
BEAN is offering shares for a minimum investment of $250 and maximum investment of $107,000. Facilitating BEAN’s Reg. CF offering is truCrowd, a U.S. crowdfunding portal authorized by the SEC. For every investment during the initial Reg. CF offering, investors will also receive BEAN Coin tokens, which will be used as cryptocurrency on BEAN’s social network.
BEAN Founder Darren Walker said, “BEAN is at the forefront of an economic shift. We are leveraging resources, partnerships and investors from diverse backgrounds and demographics to drive economic advancement in urban communities. African Americans have the 16th largest buying power in the world and are major contributors to the United States GDP, yet so much of that economic power is not realized where it matters most – in African American neighborhoods. BEAN’s social network will counter that trend by connecting consumers and businesses in a manner that positively impacts urban communities.”
BEAN expects to facilitate $26 billion back into urban communities by using its platform to redirect a minimum of 2% of African American spending. Walker discusses BEAN here.
Vincent Petrescu, CEO of truCrowd said, “We are seeing the benefits that BEAN plans to bring to the community it serves, and we are thrilled to be part of this effort. I see BEAN as a solution for African Americans to use their financial power to change the status quo and enrich themselves and their communities in the process. BEAN’s platform of rewarding spending to encourage healthy economics is remarkable. We look forward to our role of hosting and facilitating the offering.”
To invest in BEAN during the Reg. CF offering period, visit www.trucrowd.com.
ABOUT BUILDING ECONOMIC ADVANCEMENT NETWORK CORPORATION (BEAN)
BEAN is a social network that is centered around economic advancement for urban communities. The platform allows users to easily connect with businesses and professionals from all over the world that are committed to making a positive economic impact in urban communities. BEAN’s intuitive app leverages the latest breakthroughs in blockchain technology, enabling users to monitor their daily economic impact, while earning BEAN coins for their transactions.
BEAN Founder and Visionary Darren Walker is an innovative Louisiana real estate investor who oversees a multi-million dollar portfolio. He recently starred in the DIY Network’s hit show, Louisiana Flip N Move, where he and his wife, Lucy, demonstrated their real estate and renovation prowess throughout Louisiana. In addition to real estate, Mr. Walker has garnered entrepreneurial success in the solar energy and fresh food industries.
BEAN Partner Derek Fitzpatrick is a designer, technology expert and application developer who has led multiple, award-winning studios as a creative director. His deep understanding of design and technology is at the forefront of BEAN’s intuitive platform. Mr. Fitzpatrick’s expertise in branding, 3D/2D, animation, motion graphics, visualization, architecture and industrial design has been instrumental in producing creative, animated and branding assets for major corporations, new products, business services and start-ups.
BEAN Partner Michael Long is a corporate attorney who has provided counsel to private businesses and firms throughout the D.C. area. Mr. Long specializes in corporate and securities law, venture capital, joint ventures, real estate development, debt, mergers and acquisitions, and various areas of corporate law. He also provides counsel and leadership on BEAN’s corporate and securities matters.
ABOUT TRUCROWD
truCrowd is an equity crowdfunding portal operating under federal Regulation Crowdfunding (Title III of Jobs Act). The company connects start-ups and emerging businesses with non-accredited and accredited investors.
Manulife Bank survey reveals money issues have an impact on Canadians’ relationships and mental health
Manulife Bank survey reveals two in 10 married/common law Canadians confess their significant other does not know how much debt they are in
12 per cent of Canadians with debt hid a large purchase from a loved one
Four in 10 Canadians with debt confess their level of debt is negatively impacting their mental health.
Half of Canadians in debt are stressed about their level of debt and worrying about debt keeps one-in-three up at night.
Manulife Bank Debt Survey Infographic – Summer 2018 – English (CNW Group/Manulife Financial Corporation)
When your finances are overwhelming, do you always confide in your significant other? Not necessarily, according to a new survey from Manulife Bank of Canada.
While four in 10 married or common law Canadians often talk about money with their partner, half said that such conversations can cause tension in their relationship. And two in 10 confess they try to ignore money issues altogether, taking an “out of sight, out of mind” approach to their finances.
It’s not just talking about money, either. One in 10 in-debt Canadians have completely hidden the cost of a large purchase from a loved one, according to the survey, with an additional one in 10 saying they lied about the cost. The bulk of these purchases (63%) were under $1,000 and shockingly, eight per cent of men surveyed have hidden a purchase worth $15,000 or more.
“Conversations around money and debt can be one of the most difficult things couples ever discuss,” said Rick Lunny, President and CEO, Manulife Bank. “The trick is to get these issues out in the open and having an open and frank discussion about them.”
There are also mental health risks to not talking money with your partner. Forty per cent of Canadians with debt said debt negatively impacts their mental health – which jumps to 70% for those living with lots of debt. Nearly half say they’re often overwhelmed by their financial situation, with one in three stating they are kept up at night worrying about their debt.
Those under 35 and those who say they are in a lot of debt are more likely to say their debt is causing issues in their relationship; men, those under 35 and those in a lot of debt are most likely to say their partner doesn’t know how much debt they are in.
In addition to impacting their relationships and mental health, debt impacts the ability to save for retirement of more than half of the respondents with debt, and over half say they would struggle to handle unexpected expenses.
“Our solutions are focused on making our customers’ lives easier,” said Lunny. “For example, Manulife One is an all-in-one mortgage, line of credit, savings and chequing account that gives Canadians financial flexibility, which could save them thousands of dollars over the long-term.”
Half of Canadians have experienced an unexpected change to their financial situation, and three in four of those said it was difficult to deal with, including a quarter who said it was “very difficult.”
Unsurprisingly, those who say they have a lot of debt are more likely to express negative feelings about their debt. Respondents who reside in the Prairies, renters, those concerned over rising interest rates, women, and those under age 55 are also more likely to have negative feelings about their debt.
“We want Canadians to feel empowered in making financial decisions and having conversations about money with a financial advisor can be a simple step,” said Lunny.
However, not all Canadians are having the conversation or are aware of all the financial tools available in helping manage their money. Two in 10 Canadians are currently using products/features that allow for flexibility to help manage cash flow if rates increase, with an additional two in 10 who said they are interested. However, only one in 10 Canadians have spoken to their advisor about how rising interest rates would impact their financial situation and three in 10 said they don’t have an advisor.
About the Manulife Bank of Canada Debt Survey The Manulife Bank of Canada poll surveyed 2,003 Canadians in all provinces between ages 20 and 69 with household income of more than $40,000. The survey was conducted online by Ipsos between May 11-14, 2018. National results were weighted by gender, age, region and education. This survey has a credibility interval of +/- 2.5%.
About Manulife Bank Established in 1993, Manulife Bank was the first federally regulated bank opened by an insurance company in Canada. It is a Schedule l federally chartered bank and a wholly-owned subsidiary of Manulife. As Canada’s first advisor-based bank, it has successfully grown to more than $22 billion in assets and serves clients across Canada.
About Manulife Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of March 31, 2018, we had over $1.1 trillion (US$850 billion) in assets under management and administration, and in the previous 12 months we made $26.9 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.
MEET THE 11-YEAR OLD DAY TRADER NOMINATED FOR BLACK ENTERPRISE TEENPRENEUR OF THE YEAR
A powerhouse in a pint-size package delivers THE TRUTH about trading stocks
11-year old day trader, Truth Jones
Barely standing 5 feet tall, 11-year old day trader, Christon “The Truth” Jones is on a mission to help 1,000 people become successful. And he does it one stock at a time. Yes! He’s a day trader on the U.S. Stock Market, and the CEO of Return On Investment, LLC.
At the age of 8, Truth faced off with his own bullies and penned his first book, The Win Within, to help other kids. He made $5,000 in 90 days by peddling his book door to door.
A bestselling author by the age of 10, Truth’s investor students of his Truth Success Series, an online mastermind course, include adults who want to soak up his wisdom. His success has garnered him both national and international attention.
For example, residing in Germany with his military mom, Truth is on his way to Charlotte, NC on June 8, 2018 to hopefully accept the Black Enterprise Teenpreneur of the Year Award. Plus, as a skillful keynote speaker, he has already addressed audiences on three different continents.
#TruthsTake on what inspired him At nine years old, home-schooled Truth caught a story of a 14-year old investor who made $50,000 and he was instantly bitten by the investor-bug. His mom took an investing class; Truth soaked it all in; and a bonafide investor (whose mom still needs to make his actual trades for him) was born.
#TruthsTake on buying stock “It’s much more fun to buy stuff when you know you own part of the company so I like to splurge on X-Box games and of course Amazon is my first choice when my mom has to order stuff.”
So what’s his secret to how he earned $10,000 in just a few short months of day trading?
#TruthsTake on discovering the T.R.U.T.H. about investing
T – Tap 20 companies that you really like. Be sure to choose companies in which you already buy their stuff.
R – Research these companies and find everything you can. Read AND watch the news.
U – Understand the company’s historical data. How has it been performing in the past? There could be key indicators to predict its future performance.
T – Trade AFTER closing. Day trading can be an emotional roller coaster. Sleep on it and trade the next day.
H – Have an entry & exit strategy. Know what your bottom line numbers are, to determine when you will buy the stock and when you have hit your profit number so you get out. And stick to it!
BLACK WOMEN LEADERS SPEAK UP AND OUT ON MONEY AND THE “METOO” MOVEMENT
Author Dr. Venus Opal Reese Says “It’s Not Only Our Time But Our Turn”
“Why is it when white women tell their truth it’s all over the media,” says Dr. Venus Opal Reese, creator of the Black Woman Millionaire Tour and author of the best-selling book by the same name. “Based on conversations I have had with hundreds of black women leaders and entrepreneurs who have attended tour stops nationwide, the word on the street has been that when white women started to speak up about Harvey Weinstein, it was big news. But black women having been saying the same thing for centuries and it wasn’t a headline.”
They aren’t wrong. Studies have shown that sexual violence affects black women at higher rates. More than 20 percent of black women are raped during their lifetimes – a higher percentage than women overall. Professor and journalist Shanita Hubbard provides insight into how this fact is tied to why white women get heard while black women don’t: “Black girls and women are both viewed as hypersexual so our stories are ignored.”
Dr. Venus, a Stanford University graduate and former tenure professor, discusses on her tour that the black female body is a “social non-being.” As such, black women are rendered voiceless, disposable and powerless. She talks about how this has been the case since the 1600s when taxes and laws were created to justify the right to black women’s bodies as the labor-producing workforce for the American Dream.
According to Dr. Venus historically, the black female body has been socially positioned in the following ways:
* the workhorse
* the cash cow
* the beast of burden.
“We are still positioned socially to not only work like a slave but to also remain powerless, broke and broken,” says Dr. Venus. “What I have learned from my own experience of living on the streets by the age of 16, eating out of trash cans, and being subject to damn near every sort of violation is this: the way to claim your power is to heal and have your own money.”
Dr. Venus is on the last leg of her national tour based on her best-selling book, The Black Woman Millionaire: A Revolutionary Act That Defies Impossible. “The book deep dives into the healing required to be your own boss and to charge what you are truly worth. During the 4-hour workshop-like tour stops, I cover proven business training we used to gross over $4 million in five years. We did it through healing,” states Dr. Venus, who has been featured in Forbes, Ebony, Black Enterprise, on ABC News, CBS News, PBS, in Glamour magazine, and Diversity Inc.
“It’s time for black women to never have to put up with crap for a paycheck. Or stay in any sort of terrorizing relationship because we need the money. We have access now that our ancestors could never have known to pray for. It’s not only our time, it’s our turn.”
