Gentoo Archives: gentoo-nfp

From:	"William L. Thomson Jr." <wlt@××××××××××××××××.com>
To:	gentoo-nfp@l.g.o
Subject:	Re: [gentoo-nfp] Tax return and accounting discrepancies
Date:	Wed, 23 Mar 2011 20:26:01
Message-Id:	`1300911937.12053.94.camel@wlt`
In Reply to:	Re: [gentoo-nfp] Tax return and accounting discrepancies by "William L. Thomson Jr."

1	On Wed, 2011-03-23 at 16:18 -0400, William L. Thomson Jr. wrote:
2	> On Wed, 2011-03-23 at 15:07 -0500, Dale wrote:
3	> >
4	> > My questions would be this, if these things are not filed, are there
5	> > penalties for not filing them?
6	>
7	> Yes, the IRS can impose penalties in many different forms. Usually
8	> varies on a case by case basis. But if/when the IRS gets involved, you
9	> lose most all control. They tell you how things will be, and that is
10	> that. Its very bad, I have some clients going through this, and believe
11	> me, the Foundation does not want this.
12
13	Its VERY VERY BAD!!!!
14
15	"If an organization does not file as required for three consecutive
16	years, the law provides that it automatically loses its tax-exempt
17	status"
18	http://www.irs.gov/charities/article/0,,id=217087,00.html
19
20
21	--
22	William L. Thomson Jr.
23	Obsidian-Studios, Inc.
24	http://www.obsidian-studios.com