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Mine was a gift, it says so on my receipt.
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501c3's are a nightmare to set up. But, there are options to accomplish your goal and much easier.
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Dress up as indians and dump tea bags in the Boston harbor, that'll show em.
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Actually I think this would fall under hobby status and was not run for profit. Additionally you could treat it as a for profit company that made no money. Income - Expenses = 0. But really the IRS could care less about something like this that is obviously not for profit 501c3 status or not.
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I think it could make an argument it is a gift and not taxable. On the other hand the IRS could argue the money is taxable income or the service of communicating the views of chiefs fans to Clark and Chiefs management. But, the costs incurred would be deductible. Assuming you spend all or the majority of the funds on legit business expenses (i.e. banners ect) you would have no taxable income and accordingly no income tax liability. I think I would just report the income and deduct the expenses. |
Luv I believe is a legal assistant. Get in touch with her...
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Aside from the fact that you'll have upwards of $700 in filing fees alone. 501c3 status is retro to the date of incorporation- it's a process. If you do it, get a cpa before they get crazy busy. I think you'd have a hard time getting the IRS to approve the status for SOC and it won't happen until the end of the tax year but you have to be a corp before the end of this year. You will need bylaws, and financial projections and be able to justify the use of revenues raised. Talk to a CPA and find another way. I'm sure that anyone that's donated weren't going to claim the donation on their returns but if they do........ |
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isn't frazod a lawyer???
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Intelligent. [checkmark] He has the ability to argue a point. [checkmark] Hates Kansas [checkmark] Hates University of Kansas [checkmark] Hates (most) University of Kansas fans [checkmark] Was acquitted of attempted murder of a home appliance [checkmark] Got this acquittal but, like OJ, we ALL KNOW HE DID IT. [checkmark] No, he's not an attorney. |
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Would love to see that exchange between Frazod and a judge..... |
I was thinking about that the other day, chunt or Pioli will be sicking the irs on you .
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I'm of the opinion that this thread should be pulled immediately and this topic discussed offline.
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