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: Fri, 25 Mar 2011 18:31:13
Message-Id: 1301077852.16773.30.camel@wlt
In Reply to: Re: [gentoo-nfp] Tax return and accounting discrepancies by Alistair Bush
On Fri, 2011-03-25 at 20:36 +1300, Alistair Bush wrote:
> > I know absolutely nothing of how the IRS operates so hopefully these questions > are appropriate.
For any non US citizen, or in general. Please keep in mind, the IRS website is public, and can be researched just as one would any technical matter. Its not complete, but does cover a good deal of territory in this matter.,,id=221600,00.html
> When you state that there will not be "serious consequences", is this > personal opinion or based on law/irs policy. I would assume that IRS would > have the power to confiscate all assets of gentoo and "close us down" in the > worse case. Would you be able to give an indication of what "serious > consequences" might entail. I'm assuming it will be a financial penalty that > we are currently able to afford. Your personal opinion on this is sufficient but > if you can give a range (ie < 5000) it would be apprieciated.
To my understanding, Gentoo would simply be treated as a for profit entity, subject to back taxes on any revenue of any amount. Usually when you have back taxes owed, there are some penalties, fines, can be interest as well. Its pretty extreme for the IRS to take any action beyond that. I am not aware of them ceasing assets though that likely has happened to others before in very different circumstances. For the most part they would just run you into the ground, bankrupt you, and make sure any money owed was paid back. Usually by draining bank accounts directly, but not ceasing assets. They won't close your bank account, just empty it ;)
> Also, is there any visibility on the steps that need to be completed and > estimated timelines for when each step may be completed. I realise that > timelines could be very difficult to give and even harder to meet but it seems > very important that we do. Would it be possible to allocate funding to speed > this process along. where is the bottleneck? is it us? the US mail service? > IRS/Goverment Bureaucracy?
The IRS is slow, but you can prod them, and an experienced CPA or otherwise in this matter, should be able to deal with most things relatively quickly. Though most anything dealing with the government is slow. But the IRS really is not bad, if you do things correctly. -- William L. Thomson Jr. Obsidian-Studios, Inc.


Subject Author
Re: [gentoo-nfp] Tax return and accounting discrepancies Rich Freeman <rich0@g.o>