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Integra boosts IMCA program with awards for Hobby Stocks

first_imgCOOPERSVILLE, Mich. – Hobby Stock awards are the latest addition to Integra Racing Shocks’ contingency award program with IMCA.Top eligible drivers in both Hobby Stock regions receive product certificates valued at $350, $250 and $150 in 2015.The Coopersville, Mich., manufacturer and sixth-year sponsor gives certificates in the same increments in each of the five IMCA Xtreme Motor Sports Modified regions and both IMCA Sunoco Stock Car regions, and based on national Karl Chevrolet Northern SportMod and Scoggin-Dickey Parts Center Southern SportMod standings.Integra has also renewed a one-of-a-kind program that bases awards on combined national Late Model and Deery Brothers Summer Series points.Drivers with the top two point totals each receive $350 product certificates; third and fourth place finishers each get $250 and fifth and sixth place drivers receive $150 certificates.Total value of the Integra awards package is nearly $10,000. Certificates will be presented during the national awards banquet in November or mailed beginning the fol­lowing week from the home office.Drivers in all six divisions must compete with four Integra shocks and springs, display two Integra decals on their race car and return a sign-up form to the IMCA home office by Aug. 1.Information about Integra’s extensive high performance product line is available by calling 800 472-2464, at the www.integrashocksandsprings.com website and on Facebook.“Adding Hobby Stocks and adjusting our Southern SportMod awards program falls in line with the availability of Intregra shocks and springs for those divisions,” observed IMCA Marketing Director Kevin Yoder. “Integra shocks helped propel our Hobby Stock national champion to the podium last year and we’ll see if they can repeat the feat in 2015.”last_img read more

Betting shops facing bleak future as numbers keep dropping

first_imgShare The latest statistics from the UK Gambling Commission released at the end of last year contained with them some figures for betting shop closures that might yet be a sign of things to come for UK bookmakers.The total number of shops as of the end of September 2017 stood at 8,502, down 304 from March this year and 412 outlets down from the same time last year.   Half of the total is accounted for by Ladbrokes Coral which, according to the Commission statistics has shed 255 shops since March. The company said in its mid-November trading statement that 96 outlets had been shuttered in the past three-month period. There would appear to be some minor overlap with Betfred over the period. Ladbrokes Coral sold a parcel of 359 shops as part of the Competition and Markets Authority (CMA) mandated offloading in October last year. In the six months to September this year, Betfred added 34 shops to end the period with 1,671 outlets.Still, the industry-wide 4.6 percent fall comes ahead of any predicted negative effect from whatever stakes limit for FOBTs is finally decided upon under the auspices of the triennial review and would seem to point to further falls in the years ahead.As Paul Leyland, partner at gambling consultancy Regulus, pointed out, this is a “material shift” ahead of the review and fears remain that an even bigger shop closure figure could be in the offing should the worst happen with stake sizes.All this is against a general backdrop of changes in retail behaviour in the UK which suggest the move to online shopping is becoming ever more pronounced. In early December, for instance, Thomas Cook said it was closing 50 stores in the UK due to the increasing shift to online, a phenomenon that UK betting is only too aware of.Yet, there are reasons to believe that it is too early to pronounce on the death of the betting shop in the UK. Partly, this is down to culture. As one commentator in the FT said recently about those that are still loyal to cash, it is the favoured means of transaction among the very rich, the very poor, the criminal and the merely old-fashioned. Betting shop habitués are highly represented among at least three of those.As much as we know that the major shop estates of Ladbrokes Coral, William Hill and Betfred have long tails, it is hard to quantify just how many of these would be tipped into loss-making territory by any change in the stakes and prizes regime.It is telling, for instance, that the ‘contingent value right’ at the heart of the recent GVC takeover of Ladbrokes Coral presents a wide disparity of outcomes depending on what level of stake is finally handed down.In truth, no one yet knows what the impact of a lower stake limit will have on either individual estates or on the UK picture as a whole. Despite the warnings from the industry of job losses in the thousands and shop closures blighting every high street, it is likely that for a period a phony war will take place that will see the larger operators holding out in multiple locations to see who blinks first.This is one effect of the recent clustering seen in many high streets; the assumption on the part of the bookmakers is that the custom from the first shop to close will disperse to rival shops in the locality. No one wants to be that first shop and everyone wants to be the last man standing. It is a Mexican stand-off that could last a long while.But there is one sub-sector which might not be quiet so able to stand its ground while the shakeout takes place. The independent sector has long been complaining that both industry trends and the regulatory backdrop is putting their collective presence on the high street under threat and the evidence of the Commission statistics would appear to back that up.Since March 2015 the total of other shops in the Commission data has fallen by 195 or 15 percent to 1,089 as of the end of September. Taking Paddy Power Betfair’s 357 shops out of that equation, the percentage fall is a very steep 20 percent.As one analyst put it, the independents are “much less able to withstand” negative shocks and without the online backup, will be particularly vulnerable to further pain caused by the triennial review.With costs rising and major competitors willing to hold out even in unprofitable locales in the hope of reaping any omni-channel benefit to be wrung from the high street, the independent sector is facing a potentially existential squeeze. Time – and luck – might be running out and the some of the political decisions due to be made early this year will play a huge part of the future.________________The future of the Retail Betting industry will be discussed and debated at the upcoming ‘Betting on Football 2018 Conference’ (#bofcon2018 – 20-23 March – London – Stamford Bridge). Click on the below banner for more information… Submit Share StumbleUpon Related Articles SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Betfred extends World Snooker Championship deal until 2022 August 17, 2020 Betfred counters Oppenheimer bid in race to rescue Phumelela August 26, 2020last_img read more

‘Kiddie tax’ snares teens’ income

first_imgBut 529s weren’t as widely available when parents of today’s older teens started saving. Instead, those parents typically saved for college by putting money into custodial mutual funds, bonds or other savings instruments in the child’s name. It’s the return on those investments – the “unearned” income that includes interest, dividends, rents, royalties and profits on the sale of property – that falls under the kiddie tax. The tax doesn’t apply to wages a child earns at a job. Here’s how the kiddie tax works: If a child is younger than 18, he or she is allowed to have $1,700 in investment income before the kiddie tax kicks in. (There’s no tax on income of $850 or less, and the next $850 in income is taxed at the child’s rate.) For unearned income above $1,700, the child’s tax is computed at the parent’s tax rate. (But a child who turned 18 in 2006 or on Jan.1, 2007, isn’t subject to the kiddie tax for 2006 income.) Parents who sold some of the child’s investments early in 2006 – on the assumption that because the child was 14 or older the resulting capital gains would be taxed at the child’s lower rate – will be disappointed. Because Congress made the kiddie tax change retroactive to Jan.1, 2006, those gains are taxed at the parents’ rate if unearned income exceeds $1,700. You can choose to include the child’s income on your tax return, provided the child’s income is less than $8,500 and consists only of interest and dividends or capital gains distributions on those investments. Reporting the child’s investment income on your return may reduce paperwork and costs – since the child doesn’t file a return, tax-preparation expenses may be reduced. But including a child’s income on your return also adds to your adjusted gross income, which in turn may subject you to phase-out or reduction of certain exemptions, deductions, IRA contributions and other tax breaks, as well as increase your state and local tax liability. Whichever tax-filing strategy you choose, be sure to file the correct forms: Form 8814 is attached to the parent’s return when a child’s investment income is reported with the parent’s income. When the income is reported on a child’s separate tax return, Form 8615 is filed with the child’s return and no additional form is filed with the parent’s return.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! WASHINGTON – A nasty surprise for many taxpayers is masquerading under the harmless-sounding moniker “kiddie tax.” Beware. It may pack a wallop. Children younger than 18 with unearned income, including certain college savings funds and other investments, are likely to owe more in taxes, thanks to a provision Congress made retroactive to January 2006. That means an unexpected tax bite for parents who assumed they left that hurdle behind when their child turned 14. “It’s done a lot to destroy a lot of planning that a lot of people had done to fund education,” said Donna LeValley, a tax attorney and contributing editor of the J.K. Lasser tax publications. Before, only children younger than 14 with investment income were subject to the “kiddie tax” – the part of the child’s tax that must be figured at the parent’s top rate instead of the child’s rate, which is usually lower. Now, the kiddie tax is extended to kids younger than 18. “Parents may think their children have outgrown this provision,” said Bob Scharin, senior tax analyst from Thomson Tax & Accounting who advises tax professionals. “That could be a big surprise to someone with a 16- or 17-year-old.” Shifting income to children in lower tax brackets is a strategy long used by the wealthy to reduce their tax, and Congress took aim at that practice when it passed the kiddie tax nearly 20 years ago. But the wealth-shifting strategy was also a way for middle-income parents to save for children’s college expenses. Nowadays, many parents choose as college savings vehicles the popular 529 plans, which allow earnings to grow tax-free when the money is used for higher education. last_img read more