Home Mail MemberMap Chat (0) Wallpapers
Go Back   ChiefsPlanet > The Lounge

Reply
 
Thread Tools Display Modes
Old 11-22-2012, 11:27 PM  
pr_capone pr_capone is offline
** *- -- -- *
 
pr_capone's Avatar
 
Join Date: Jan 2006
Location: Aguadilla
Casino cash: $15663
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.
Posts: 18,785
pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.pr_capone is obviously part of the inner Circle.
  Reply With Quote
Old 11-23-2012, 12:51 AM   #16
Sorter Sorter is offline
Caralho
 
Sorter's Avatar
 

Join Date: Sep 2011
Casino cash: $19750
Quote:
Originally Posted by pr_capone View Post
w00t! sorted.
I want royalties.
__________________
We do not choose our destinies. Yet we must...we must do our duty, no? Great or small, we must do our duty.

Quote:
Originally Posted by Mavericks Ace View Post
I have completely given up on Alex Smith as a qb. Its painful to watch. Like, worse than watching Colt McCoy.
Posts: 16,642
Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.Sorter is obviously part of the inner Circle.
  Reply With Quote
Old 11-23-2012, 12:54 AM   #17
Smed1065 Smed1065 is offline
Supporter
 
Smed1065's Avatar
 

Join Date: Nov 2003
Location: Returning From Hell
Casino cash: $5055
Mine was a gift, it says so on my receipt.
Posts: 8,955
Smed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby PiscitelliSmed1065 's adopt a chief was Sabby Piscitelli
  Reply With Quote
Old 11-23-2012, 05:13 AM   #18
BigRedChief BigRedChief is offline
Brainwashed
 
BigRedChief's Avatar
 

Join Date: Dec 2003
Location: Swims with fishes
Casino cash: $35314
VARSITY
501c3's are a nightmare to set up. But, there are options to accomplish your goal and much easier.
__________________
Quote:
Originally Posted by Prison Bitch
If the Cardinals were in the American league they would be a middle of the pack team
Posts: 47,007
BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.
  Reply With Quote
Old 11-23-2012, 07:13 AM   #19
KC Tattoo KC Tattoo is offline
SPOT THE PSYCHO
 
KC Tattoo's Avatar
 

Join Date: Jun 2007
Location: ks
Casino cash: $16884
Dress up as indians and dump tea bags in the Boston harbor, that'll show em.
Posts: 22,326
KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.KC Tattoo is obviously part of the inner Circle.
  Reply With Quote
Old 11-23-2012, 09:18 AM   #20
Dave Lane Dave Lane is offline
Space Cadet and Aczabel
 
Dave Lane's Avatar
 

Join Date: Aug 2000
Location: Kansas City, Mo, USA
Casino cash: $37933
VARSITY
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.
__________________
blaise Chiefsplanet's biggest bigot since 2007
Posts: 28,407
Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.Dave Lane is obviously part of the inner Circle.
  Reply With Quote
Old 11-23-2012, 09:52 AM   #21
Shox Shox is offline
Starter
 

Join Date: Mar 2005
Casino cash: $5855
Quote:
Originally Posted by Dave Lane View Post
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.
Posts: 707
Shox has disabled reputation
  Reply With Quote
Old 11-23-2012, 10:40 AM   #22
aturnis aturnis is offline
MVP
 
aturnis's Avatar
 

Join Date: Apr 2001
Location: Iowa
Casino cash: $20026
Luv I believe is a legal assistant. Get in touch with her...
Posts: 12,000
aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.aturnis wants to die in a aids tree fire.
  Reply With Quote
Old 11-23-2012, 10:51 AM   #23
LOCOChief LOCOChief is offline
True Chiefs Fan
 
LOCOChief's Avatar
 

Join Date: Nov 2006
Location: Bull Bay
Casino cash: $5611
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........
Posts: 3,122
LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  Reply With Quote
Old 11-23-2012, 10:54 AM   #24
LOCOChief LOCOChief is offline
True Chiefs Fan
 
LOCOChief's Avatar
 

Join Date: Nov 2006
Location: Bull Bay
Casino cash: $5611
Quote:
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.
Posts: 3,122
LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.LOCOChief Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  Reply With Quote
Old 11-23-2012, 10:57 AM   #25
Chief Roundup Chief Roundup is offline
Admitted Planet Junky
 
Chief Roundup's Avatar
 

Join Date: Oct 2000
Location: Mtn. Home AR
Casino cash: $19497
isn't frazod a lawyer???
__________________
Quote:
Originally Posted by Kaepernick View Post
I have to say, I MUCH prefer a moderated forum to an un-moderated forum.

This isn't a sports forum! It's an insane asylum!
Quote:
Originally Posted by Pam Oliver's Forehead View Post
Alex Smith is really talented. BIG arm, very mobile.
Posts: 7,882
Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Chief Roundup Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  Reply With Quote
Old 11-23-2012, 11:17 AM   #26
WilliamTheIrish WilliamTheIrish is offline
Champion Golfer Of The Year
 
WilliamTheIrish's Avatar
 

Join Date: Aug 2001
Casino cash: $26297
Quote:
Originally Posted by Chief Roundup View Post
isn't frazod a lawyer???
Where do I start?

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.
Posts: 27,245
WilliamTheIrish has disabled reputation
  Reply With Quote
Old 11-23-2012, 11:37 AM   #27
Fat Elvis Fat Elvis is offline
Beard Merit Badge
 
Fat Elvis's Avatar
 

Join Date: Apr 2001
Casino cash: $11564
Quote:
Originally Posted by Chief Roundup View Post
isn't frazod a lawyer???
no
__________________

Mr. Irrelevant
Posts: 6,803
Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.Fat Elvis 's phone was tapped by Scott Pioli.
  Reply With Quote
Old 11-23-2012, 11:43 AM   #28
Stinger Stinger is offline
Bazinga
 
Stinger's Avatar
 

Join Date: Sep 2000
Location: Springfield, MO
Casino cash: $13662
Quote:
Originally Posted by Chief Roundup View Post
isn't frazod a lawyer???


Would love to see that exchange between Frazod and a judge.....
__________________
Posts: 8,495
Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.Stinger would the whole thing.
  Reply With Quote
Old 11-23-2012, 11:47 AM   #29
Chieftain58 Chieftain58 is offline
Fan club member
 
Chieftain58's Avatar
 

Join Date: Jun 2002
Location: Land of OZ
Casino cash: $5217
I was thinking about that the other day, chunt or Pioli will be sicking the irs on you .
__________________
Posts: 1,605
Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.Chieftain58 must have mowed badgirl's lawn.
  Reply With Quote
Old 11-23-2012, 11:51 AM   #30
JimNasium JimNasium is offline
Voodoo Chile
 
JimNasium's Avatar
 

Join Date: Jan 2001
Location: At the crossroad
Casino cash: $5772
I'm of the opinion that this thread should be pulled immediately and this topic discussed offline.
__________________
I've been drinking muddy water and sleeping in a hollow log.
Posts: 5,803
JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.JimNasium must have mowed badgirl's lawn.
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump




All times are GMT -6. The time now is 12:57 AM.


This is a test for a client's site.
A new website that shows member-created construction site listings that need fill or have excess fill. Dirt Monkey @ https://DirtMonkey.net
Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2015, vBulletin Solutions, Inc.