Spring and the “What’s in Your Easter Basket?”Numbers Game-Just for Fun

Spring has sprung.  And either a family celebration or a Spiritual obligation, or both await you at the end of the workweek.  Thus, we at AP Accounting sends you spring greetings and holiday messages of happiness.

Family and friends will meet, greet and feast.  Fun will be had by all.  Children will find many hidden eggs.

Americans will consume tons of chocolate and other specialty foods unique to the season.  And your accountants at AP are fascinated, as we are every spring, with all the numbers this festivity will generate.

Let’s Bounce Around Some Spring Numbers

Our spring gift for you is a little report. In fact, it is this blog article which will bring you some holiday numbers that have caused us to raise our eyebrows and maybe laugh right out loud.  Just as the announcer says in a popular commercial, you will have to discover, “What’s in your wallet?” after you review our calculations and tabulations.

As you might have guessed, this blog article is in a much lighter vein than our typical accounting and tax-related blogs.  We researched and built it especially to bring you a springtime smile or two.

Plus, you will find it is our subtle accounting way of proving that numbers can have a playful side.  That is a difficult concept to teach right now.  This is due to tax filing deadline pressures as we watch harried tax-filers rush to finish final number crunching. (By the way, take this note as a reminder that the deadline clock is ticking.  Please check our previous blog for important tax-filing information.)

Adding Up the Numbers Behind Your Spring Holiday

According to CNBC, “in the week before Easter last year, Americans bought $823 million in creme-filled eggs, chocolate rabbits and colored marshmallow Peeps…”  That amount of money actually conquered the Halloween totals.

But this next statistic is the jaw-dropping, eye-popping punch-line.  The final tally will include 146 million pounds of candy for the entire country.

We know you need a comparison to see if that is a worthy record to note, don’t you?  3 million bucks is the candy bill in an average week of candy eating in the US.  So, 823 million does make it a special week.  During that week, US families will eat 76 million pounds of the sweet stuff. (And they cannot blame a holiday.

Spring Statistics do not Have To Be Counted in Dollars

Now let’s take into account a different type of numerical data.  For example, what percent of Americans do you think will be attending church this Sunday?  According to statistical studies, 50.8 Percent of Americans plan to attend church on Easter Sunday this year.

That brings us right back to dollars!  The special festival means new clothes for many of them.  So there will be more than candy to account for when you total up the bills for the holiday.  Thus, the National Retail Federation’s Easter Spending Survey conducted by Prosper Insights & Analytics, stated “the average person celebrating Easter spent $140.62 in 2015 and $137.46 in 2014.”

Totaling the Cost

Now, let’s apply an abacus to this figure and tally up the entire ticket.

If we include flowers, little gifts, food, candy and decorations, experts at the American Retail Association predict the nation will hit $16.4 billion dollars.  Spring is apparently a good excuse for a bit of a spending spree.

We Interrupt This Game For An Announcement from the IRS

By the way, it’s not a greeting, blessing or holiday message, but just a few days ago, the IRS once again sent out reminders on cryptocurrency.  In terse language, the IRS urged users to strictly report their taxes properly.  And it seemed like the tone of the reminder was a little stronger than previous ones. So, let us give you a thumbnail review:

In case you missed the news, virtual currency transactions are taxed like any transactions.  If you have been confused by this new wrinkle in currency, then we invite you to check out guidance in the esteemed IRS Notice 2014-21.  Be aware that if you do not report the income, serious consequences could result.

Possible Consequences

1. You can be audited.
2. Penalties, interest and liability can be charged.
3. As reported on Mar 23, 2018, “In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax.  Criminal charges could include tax evasion and filing a false tax return.”
4. Then, of course, extreme can become really serious. The IRS can set a prison term of five years and $250,000 if you are convicted of tax evasion.  Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. If you are convicted of filing a false return, you could receive a prison term of up to three years and a fine of up to $250,000. 

 

 

A. P. Tax Accountants advise you to resist the faux sense of anonymity you might be enjoying as you buy, sell or mine your crypto-treasure.

It is not worth the penalties.  File and pay your crypto-obligations to Uncle Sam. You’ll be glad you did.  We say, “Be crypto-smart!”

 

A Terrific Take-Away Treat:

We close with one last spring statistic to brighten your holiday.  Are you aware that 89% of all the Americans who eat a chocolate bunny will bite the ears off first?  Happy Spring!