Is The Peoples Program Illegal or Legal?
October 19, 2009 | Education | Hits: 33
The Peoples Program went live in November 2008 after six months of programming and creating that was put in place carefully and thoughtfully by the creators of The Peoples Program.
When Phil Miranda received a phone call by the founder of The Peoples Program, immediately Phil Miranda did his due diligence into the legalities of cash leveraging within The Peoples Program private gifting community, to which Phil Miranda found no legal discrepancies in the program or the system being implemented by the private people to people program.
The first question that Phil Miranda asked the founder of The Peoples Program was: "Is this program legal, and if so show me proof!" to which the founder and creator of The Peoples Program responded by sending Phil Miranda a print out similar to the one below:
Is Cash Gifting Legal?
This is probably the number one question that pops up when people start to see the lucrative potential with this kind of activity, and it's certainly the first thing that I wanted to know too... after all, I have no interest in getting into any type of legal hot water, and I'm sure you don't either, so here's what I found out.
In researching this activity, it's important to keep in mind that there's no book out there that tells you what is legal in our society, only what is not legal.
If you do your research online, you're going to see there's really nothing saying that cash gifting is illegal. Most of the time it's people expressing their personal opinions, not facts. And after years of experience and thorough research, no one has been able to show me the law in black and white stating that giving a cash gift is illegal.
In fact, I learned that both American and Canadian citizens have the Constitutional right to gift property, cash and other assets. Many other countries participating in cash gifting also have very similar gifting laws.
In the United States we have the Preamble, the Constitution and the Bill of Rights to protect a private citizen's rights to earn, pay taxes and give away property and cash as long as it's done according to the laws and codes of this country. The U.S. gifting rules are found in the IRS Tax Code, Title 26, Sections 2501-2504 and 2511.
In 2008 in the United States of America, the law states that one or more individuals can give a cash gift to another individual of up to $12,000 each per calendar year without any tax liability to either the giver or receiver of the gift, because the tax on the gift has already been paid.
I also found that most well organized Cash Gifting programs require each participant to use some form of a Gifting Statement and/or Non-Solicitation form, which when signed, become binding agreements between two private individuals. These forms are used, it's said, to ensure the longevity and legality of a gifting program.
So giving a gift of cash to someone, be it a friend, family member or a stranger is legal according to IRS code. Again, there's no specific nation-wide law that I've been able to find to say that cash gifting is not legal.
Now, that being said, it's important to note that not all Cash Gifting programs may be legal in their structure. Certainly there are some that may not be. Unfortunately, there are still some "old school" Cash Gifting programs out there (mostly offline) that weren't structured properly in order to sustain their efforts for any considerable length of time, and some of them use an illegal pyramidal type of structure.
Consequently, many of these types of mostly offline programs in the past were closed by the feds because of this illegal "ever-widening base" pyramid structure and gave Cash Gifting a bad reputation.
However, in recent years, things have changed and more and more people are benefiting through the use of these types of programs than with any other structure in the World.
After reading the above, and doing more online and offline research Phil Miranda was convinced for himself that The Peoples Program and the concept of cash gifting between two like minded people was perfectly legal and within the boundaries of what Phil Miranda considers to be ethical as well.
Article Summary: The Peoples Program has been called illegal by some and legal by many more who differ on the legalities involved within The Peoples Program private cash leveraging community explains Phil Miranda.
Article Source: http://www.pubarticles.com/article-is-the-peoples-program-illegal-or-legal--1255986265.html
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I'll start by saying that I'm like you! When I say "I'm Like You" I'm referring to the fact that we are all interconnected in this wonderful journey called LIFE. View all articles.
website: http://philmiranda.com
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