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: $162954928
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: 18,337
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
Location: Belo Horizante
Casino cash: $100058505
Quote:
Originally Posted by pr_capone View Post
w00t! sorted.
I want royalties.
__________________
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: 14,746
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: QB Land
Casino cash: $2002674
Mine was a gift, it says so on my receipt.
Posts: 8,849
Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.Smed1065 would the whole thing.
  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: $291878
501c3's are a nightmare to set up. But, there are options to accomplish your goal and much easier.
__________________
Quote:
Originally Posted by Chris616 View Post
There is a place inside man where his life can be terminated on voice command. Its the fail safe device meant to be used at the end of times.
Posts: 41,475
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: $54369511
Dress up as indians and dump tea bags in the Boston harbor, that'll show em.
Posts: 20,057
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: $2223587
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.
__________________
Quote:
Originally Posted by Chris616 View Post
High Tech is Sorcery and the people who are really powerful are literally telling people to commit crimes using the psychic interspace created by the WWW and Wireless. They are controlling peoples actions like drones . The two things are deeply intertwined. The more man's brain interfaces with machines the creepier it gets. They use brains separate from a human body in a supercomputer and you have The Image of the Beast. The military has been doing this since the 50s
Posts: 22,563
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: $9201
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: 673
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: $89205
Luv I believe is a legal assistant. Get in touch with her...
Posts: 10,260
aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.aturnis Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  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: $549246
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: 3,076
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: $549246
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: 3,076
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: $6003614
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: 5,833
Chief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby PiscitelliChief Roundup 's adopt a chief was Sabby Piscitelli
  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: $192048
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: 23,972
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: $10888634
Quote:
Originally Posted by Chief Roundup View Post
isn't frazod a lawyer???
no
__________________

Mr. Irrelevant
Posts: 6,652
Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.Fat Elvis threw an interception on a screen pass.
  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: $201186
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: 8,242
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: $23157
I was thinking about that the other day, chunt or Pioli will be sicking the irs on you .
__________________
Posts: 1,570
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: $1125019
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: 5,738
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 02:08 AM.


Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.