Re: [AGA-mcm] 2005 Expenditures and revenues -- planning ahead

["Karen Randall" <krandall@rdrcpa.biz>]

Well, as I said to start with, I know nuthin about how its supposed to be
done.  I do know that VERY few hobby organizations even clue the IRS in to
their existence by filing for incorporation.  None that I know of pay taxes.

Karen

----- Original Message ----- 
From: "S. Hieber" <shieber@yahoo.com>
To: "AGA Advisory Committee" <aga-mcm@thekrib.com>
Sent: Tuesday, December 21, 2004 11:02 AM
Subject: Re: [AGA-mcm] 2005 Expenditures and revenues -- planning ahead


>
> --- Karen Randall <krandall@rdrcpa.biz> wrote:
>
> > > Taxes [pending any decison from the IRS re tax-exempt
> > > status, are we going to file an pay in 2005 for the
> > 2004
> > > tax year?]
> >
> > My gut feeling is that to pay taxes for 2004 is to admit
> > that we might OWE
> > taxes.
>
> >  If our stand is, as I think it should be, that we
> > are a non-profit
> > institution, we don't owe taxes.
>
> I believe the federal tax code requires payment unless
> tax-exempt status has been recognized by the IRS. Payments
> may be made in protest subject to a future determination
> but the burden is not onthe IRS, if I read things
> correctly. But I'm not a tax guy -- I don't claim to know
> how it works or what is our best tack. I'd again encourage
> hiring a tax expert (even include it in the budget) but
> that's a trumpet that hasn't made much sound. Whatever we
> do (or don't do), I believe it's a decision the BoD should
> make; not me. If no other aquatic group pays, then we can
> at least fall on the mercy of the auditor (if necessary)
> and say we did just what everyone else like us does (or
> didn't do what everyone like us doesn't do). I'm not trying
> to make inroads in the adminsitration of hobby groups; I
> just don't want to put AGA viability at risk.
>
> sh
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