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To: gentoo-nfp@g.o
From: "William L. Thomson Jr." <wlt@...>
Subject: Re: Tax return and accounting discrepancies
Date: Wed, 23 Mar 2011 16:25:37 -0400
On Wed, 2011-03-23 at 16:18 -0400, William L. Thomson Jr. wrote:
> On Wed, 2011-03-23 at 15:07 -0500, Dale wrote:
> >
> > My questions would be this, if these things are not filed, are there 
> > penalties for not filing them?
> 
> Yes, the IRS can impose penalties in many different forms. Usually
> varies on a case by case basis. But if/when the IRS gets involved, you
> lose most all control. They tell you how things will be, and that is
> that. Its very bad, I have some clients going through this, and believe
> me, the Foundation does not want this.

Its VERY VERY BAD!!!!

"If an organization does not file as required for three consecutive
years, the law provides that it automatically loses its tax-exempt
status"
http://www.irs.gov/charities/article/0,,id=217087,00.html


-- 
William L. Thomson Jr.
Obsidian-Studios, Inc.
http://www.obsidian-studios.com



References:
Tax return and accounting discrepancies
-- William L. Thomson Jr.
Re: Tax return and accounting discrepancies
-- Rich Freeman
Re: Tax return and accounting discrepancies
-- William L. Thomson Jr.
Re: Tax return and accounting discrepancies
-- William L. Thomson Jr.
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Updated Jun 18, 2012

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