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Old 11-22-2012, 11:27 PM  
pr_capone pr_capone is offline
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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.
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Old 11-23-2012, 12:51 AM   #16
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w00t! sorted.
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Old 11-23-2012, 12:54 AM   #17
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Old 11-23-2012, 05:13 AM   #18
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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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Old 11-23-2012, 07:13 AM   #19
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Old 11-23-2012, 09:18 AM   #20
Dave Lane Dave Lane is offline
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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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Old 11-23-2012, 09:52 AM   #21
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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.
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.
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Old 11-23-2012, 10:40 AM   #22
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Old 11-23-2012, 10:51 AM   #23
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Quote:
Originally Posted by pr_capone View Post
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.
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........
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Old 11-23-2012, 10:54 AM   #24
LOCOChief LOCOChief is offline
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Originally Posted by Shox View Post
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.
there's the answer. And I thought this was the "worst possible situation" as well.
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Old 11-23-2012, 10:57 AM   #25
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isn't frazod a lawyer???
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Old 11-23-2012, 11:17 AM   #26
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isn't frazod a lawyer???
Where do I start?

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No, he's not an attorney.
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Old 11-23-2012, 11:37 AM   #27
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isn't frazod a lawyer???
no
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Old 11-23-2012, 11:43 AM   #28
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isn't frazod a lawyer???


Would love to see that exchange between Frazod and a judge.....
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Old 11-23-2012, 11:47 AM   #29
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I was thinking about that the other day, chunt or Pioli will be sicking the irs on you .
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Old 11-23-2012, 11:51 AM   #30
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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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