Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

SEC charges the Church of Jesus Christ of Latter-Day Saints

sec.gov

Post reply on HN
Print view View original

11–20 of 232 posts

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#11

Post by jjtheblunt »

willk wrote: post #5

I think we really should be looking at the tax-exempt status of religious organizations have that subsidiaries that are doing their taxes and setting up shell companies to hide where money is coming/going.

Simpler : if churches get tax-exempt status, then they are bound to the state in receiving that status, and violate separation of church and state?

I haven't been able to find where tax exempt status for churches is established, and I've looked, but not my area of expertise at all.

What if the goverment were to just stop giving churches tax exempt status?

(edit: clearer)

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#12

Post by jjtheblunt »

sjsdaiuasgdia wrote: post #9
willk wrote: post #5

I think we really should be looking at the tax-exempt status of religious organizations have that subsidiaries that are doing their taxes and setting up shell companies to hide where money is coming/going.

Better to just get rid of the tax exempt status for religious organizations altogether. They can operate like any other non-profit and be subject to that set of rules, or they can be a regular corporation and be subject to a different set of rules. The religious exemption is a big regulatory gap that doesn't need to exist.

exactly

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#14

Post by jmclnx »

emodendroket wrote: post #8
bcatanzaro wrote: post #3

$5M penalty seems very small.

I would guess there’s some reticence to be seen coming down hard on a church, not that it is going to help to levy only a small fine.

Yes, and I think this Church has an oversized influence on US Politicians.

But I agree, the fine should be large enough to send a clear message to other orgs like them.

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#15

Post by Natsu »

sjsdaiuasgdia wrote: post #9
willk wrote: post #5

I think we really should be looking at the tax-exempt status of religious organizations have that subsidiaries that are doing their taxes and setting up shell companies to hide where money is coming/going.

Better to just get rid of the tax exempt status for religious organizations altogether. They can operate like any other non-profit and be subject to that set of rules, or they can be a regular corporation and be subject to a different set of rules. The religious exemption is a big regulatory gap that doesn't need to exist.

That exists so that the government can't just decide to tax one religion out of existence while favoring others.

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#16

Post by emodendroket »

jmclnx wrote: post #14
emodendroket wrote: post #8

Earlier quoted context omitted.

I would guess there’s some reticence to be seen coming down hard on a church, not that it is going to help to levy only a small fine.

Yes, and I think this Church has an oversized influence on US Politicians. But I agree, the fine should be large enough to send a clear message to other orgs like them.

Right, but I meant it’s likely to be portrayed as an out-of-control regulatory apparatus going after religious conservatives even though they used the kid gloves.

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#18

Post by sieabahlpark »

sjsdaiuasgdia wrote: post #9
willk wrote: post #5

I think we really should be looking at the tax-exempt status of religious organizations have that subsidiaries that are doing their taxes and setting up shell companies to hide where money is coming/going.

Better to just get rid of the tax exempt status for religious organizations altogether. They can operate like any other non-profit and be subject to that set of rules, or they can be a regular corporation and be subject to a different set of rules. The religious exemption is a big regulatory gap that doesn't need to exist.

[dead]

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#19

Post by ramesh31 »

anigbrowl wrote: post #2

- $5 million in fines, for - 22 years of willful reporting violations - using 13 shell companies - to conceal ownership of a $32 billion portfolio I'm sure they're gutted by this ~0.016% fine.

The SEC is, largely, a powerless bogeyman due to chronic underfunding and lack of staff. Another wonderful feature of corporate regulatory capture in the US.

Re: SEC charges the Church of Jesus Christ of Latter-Day Saints

#20

Post by boeingUH60 »

Here's a related random fact: Fidelity, the well-known investment firm, runs donor-advised charitable funds for rich clients that in aggregate constitute America's charity [1]. The three largest recipients from those funds? Harvard University, Stanford University, and the Mormon Church...organizations that aren't in any way hurting for money. I guess people fund what they are familiar with and for prestige.

1- https://www.bloomberg.com/news/features/2022-11-21/how-fidel...

Post reply on HN