[quote]stefan128 wrote:
Thanks man! I got the internship, thank goodness![/quote]
That’s great news. Congrats.
I run a not-for-profit 501(c)(3) soccer club for kids.
- Do I need to keep copies of all the registration checks I receive?
[quote]sen say wrote:
I run a not-for-profit 501(c)(3) soccer club for kids.
- Do I need to keep copies of all the registration checks I receive?[/quote]
You should keep copies of your deposits irrelevant of what type of company it is.
[quote]countingbeans wrote:
[quote]sen say wrote:
I run a not-for-profit 501(c)(3) soccer club for kids.
- Do I need to keep copies of all the registration checks I receive?[/quote]
You should keep copies of your deposits irrelevant of what type of company it is. [/quote]
For tax purposes, or just for a record if the check bounces? I get like 100 checks for 85 bucks every 4 months…I need to copy them for real?
Not trying to be dim, just making sure my question is coherent.
[quote]sen say wrote:
For tax purposes, or just for a record if the check bounces? [/quote]
For many reasons. You need to keep accurate records for your own good. What happens if you lose the file that you do your record keeping in and have to re-create everything that happened in the last 10 months?
Let alone WTF are you going to do if you fall under IRS audit?
Yes. Photo the checks, and bring them to the bank. Once you deposit them, take the deposit ticket and staple it to the photos and file the package of info in a folder labeled by month and year. Keep these files for a minimum of 3 years, however I would personally keep them at least 7 if you have the space for storage.
It is very coherent.
You need to keep accurate & detailed records, particularly given your exempt tax status. As long as you are committing fraud, a paper trail is your best friend.
*not committing fraud
[quote]countingbeans wrote:
[quote]sen say wrote:
For tax purposes, or just for a record if the check bounces? [/quote]
For many reasons. You need to keep accurate records for your own good. What happens if you lose the file that you do your record keeping in and have to re-create everything that happened in the last 10 months?
Let alone WTF are you going to do if you fall under IRS audit?
Yes. Photo the checks, and bring them to the bank. Once you deposit them, take the deposit ticket and staple it to the photos and file the package of info in a folder labeled by month and year. Keep these files for a minimum of 3 years, however I would personally keep them at least 7 if you have the space for storage.
It is very coherent.
You need to keep accurate & detailed records, particularly given your exempt tax status. As long as you are committing fraud, a paper trail is your best friend. [/quote]
Got it. Thanks!!
Ok…as the President of the Not-for-Profit…am I able to buy Gifts for the Vice President? Does this count as earned income for the VP? She Say is the VP. I bought her a pajama gram.
Thanks!
You can only deduct $25 for business gifts for tax.
[quote]countingbeans wrote:
You can only deduct $25 for business gifts for tax. [/quote]
What does that mean?
[quote]sen say wrote:
[quote]countingbeans wrote:
You can only deduct $25 for business gifts for tax. [/quote]
What does that mean?[/quote]
anything more than $25 can not be deducted. The government got tired of Boy Friends and Girl Friends buying each other expensive gifts and then writing them off of their taxes. They changed the law you can not give a gift over $25 to anyone person each year. Non-profits.
[quote]dmaddox wrote:
anything more than $25 can not be deducted. The government got tired of Boy Friends and Girl Friends buying each other expensive gifts and then writing them off of their taxes. They changed the law you can not give a gift over $25 to anyone person each year. Non-profits.[/quote]
So…how do I treat it as an expense? I bought She Say pajamas…she’s the VP…they cost $30…do I have to reimburse the company the five bucks?
[quote]sen say wrote:
[quote]dmaddox wrote:
anything more than $25 can not be deducted. The government got tired of Boy Friends and Girl Friends buying each other expensive gifts and then writing them off of their taxes. They changed the law you can not give a gift over $25 to anyone person each year. Non-profits.[/quote]
So…how do I treat it as an expense? I bought She Say pajamas…she’s the VP…they cost $30…do I have to reimburse the company the five bucks?[/quote]
No, it gets listed as a non-deductible expense. You can take it for book, but not for tax.
Can lawyers get in on this action or is this thread just for accountants? When I was in private practice I used to do some estate planning if that helps.
[quote]countingbeans wrote:
No, it gets listed as a non-deductible expense. You can take it for book, but not for tax. [/quote]
But…if I’m 501(c)(3)…don’t I not pay taxes?
Anyway…legit to use Club money to buy booze for a coaches’ party?
[quote]sen say wrote:
[quote]countingbeans wrote:
No, it gets listed as a non-deductible expense. You can take it for book, but not for tax. [/quote]
But…if I’m 501(c)(3)…don’t I not pay taxes?
Anyway…legit to use Club money to buy booze for a coaches’ party?[/quote]
In the real world or by the book?
You may not pay tax, but I’m 99% sure your returns are a matter of public record.
Just got notice I passed REG, which was my last section. Now I can get back to doing the things I like on Sat instead of spending them in the library. Just in time for football season! Result!
[quote]Kayrob wrote:
Just got notice I passed REG, which was my last section. Now I can get back to doing the things I like on Sat instead of spending them in the library. Just in time for football season! Result![/quote]
Congrats. Always a great feeling all that hard work didn’t go to waste.
Audit time for my company. Once again I am surprised no stool sample is required by the audit team.
Audit time for us also. The first week of field work is coming to a close and it’s going very smoothly so far. One more week of the audit team on site and then they should be out of here. Can’t wait!