Is there an accountant/lawyer on the forum? - SOC
 

So... this thing has gotten WAY bigger than anticipated. A grand or two and I would have no problem reporting it and paying taxes. Donation +. I cannot bear 7k in taxes on money I never had.

I need an accountant or a lawyer. SOC needs to become a 501c3. I will be using SOC funds to pay whatever fees are necessary so cost is definitely a consideration.

I know Amnorix is a rival fan, but I think he has some background in this area. But I think it's on a corporate level. I'm sure some one will step up though

You might have to go into the sewer though.

isn't baby lee a lawyer?

Check your pm's.

I represented myself in court once.

Was it after staying at a Holiday Inn Express?

I'm guessing after a win over Iowa. But next year they'll be better than this year so he might have to hire an actual lawyer. At least ISU isn't KU

Masturbating in public is pretty easy to plead guilty to.

I know this is CP and joking posts come with the territory but it seems to me this is a place for serious responses only. JMO.

The first 5 were. He'll get his info

Good luck, man, after personally going through that process last year, I discovered that the state of Kansas has some near nightmarish policies in place for the establishment and maintenance of a 501c3. Several of our friends recommended that we start a 501c3 in the states of Texas or Georgia, (apparently the process is much easier there.)

Basically, if you want to be a charitable organization, you're going to want a full time lawyer and bookkeeper. My understanding is that you would be required to send reports of your financial transactions to the state, and that your license would have to be renewed every year (We were told that this was also a nightmarish process.)

Your best bet would be to align yourself with an existing charity (it's what I ended up doing for my organization.)

Best of luck, PR.

Oh, and Frankie's mom is a whore

w00t! sorted.

I want royalties.

Mine was a gift, it says so on my receipt.

501c3's are a nightmare to set up. But, there are options to accomplish your goal and much easier.

Dress up as indians and dump tea bags in the Boston harbor, that'll show em.

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.

I'm a CPA and even if an endeavor is done for hobby purposes and the income is taxable, expense are an itemized deduction......this is the worst possible situation.

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...

501c3 is not going to be the way to go.
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........

there's the answer. And I thought this was the "worst possible situation" as well.

isn't frazod a lawyer???

Where do I start? LMAO

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.

no

LMAO LMAO

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 .

I'm of the opinion that this thread should be pulled immediately and this topic discussed offline.

I agree!



/puts on tinfoil hat

A JimNasium sighting?!

WTF is going on here? ;)