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+--- Thread: 2013 Planes & Porsches? (/showthread.php?tid=3006)
- CarreraS - 02-08-2013
BoxsterBabe wrote:
Quote:we might consider ourselves to have a moral obligation to have a charitable purpose, something I hope we would all support.
+++997
- MikeKling - 02-08-2013
OK, And from IRS publication 557 we have......
Excise tax on excess benefit transactions [/i], under Excess Benefit Transactions in chapter 5 for more information about this tax.
Examples.[/b] Types of organizations that are considered to be social welfare organizations are civic associations and volunteer fire companies.
Nonprofit operation.[/b] You must submit evidence that your organization is organized and will be operated on a nonprofit basis. However, such evidence, including the fact that your organization is organized under a state law relating to nonprofit corporations, will not in itself establish a social welfare purpose.
Social or recreational activity. If social activities will be the primary purpose of your organization, you should not file an application for exemption as a social welfare organization but should file for exemption as a social club described in section 501©(7).
Me thinks your point needs further clarification, oopsy!
- BoxsterBabe - 02-08-2013
Excise taxes are not income taxes. And the taxes you mention have to do with disqualified persons. If you look up the IRS definition, none of us members are disqualified persons...unless you know of someone in the previous five years who had the influence over the club to benefit personally? The other definitions don't apply at all.
I'm not trying to argue with anyone about having a moral obligation to have a charitable purpose, I was just trying to clarify the tax issue you brought up.
- MikeKling - 02-08-2013
501©(4) - Civic Leagues and Social Welfare Organizations
If your organization is not organized for profit and will be operated only to promote social welfare to benefit the community, you should file Form 1024 to apply for recognition of exemption from federal income tax under section 501©(4). The discussion that follows describes the information you must provide when applying. For application procedures, see chapter 1.
To qualify for exemption under section 501©(4), the organization's net earnings must be devoted only to charitable, educational, or recreational purposes. In addition, no part of the organization's net earnings can inure to the benefit of any private shareholder or individual. If the organization provides an excess benefit to certain persons, an excise tax may be imposed. See Excise tax on excess benefit transactions , under Excess Benefit Transactions in chapter 5 for more information about this tax.
I'm not an accountant but I play one on TV
- betegh9 - 02-08-2013
Hey gang!
Steve has done a great job with PnP and it is a great disappointment that the AX chair has no inclination to organize the classic event.
The PnP event takes a comitee of people to bring it to fruition. I am willing to volunteer my little free time to do what needs to be done together with other dedicated members to have this event, and we should not wait for the AX chair to take initiative.
I am available to help anyone to get this project off the ground. Just call me....... 610-291-9120
- Lainey - 02-08-2013
BoxsterBabe wrote:
Quote:Excise taxes are not income taxes. And the taxes you mention have to do with disqualified persons.
Master Mike, does this mean you are disqualified?
hock:
- Ccns23 - 02-08-2013
Looks like things haven't changed a bit at the ol' RTR. The "old" guard is upset with the new. Who would've guessed?
Seriously. You're a bunch of grown men. Jon volunteered, realized he didn't have the time necessary to run an effective DE, and AX fell a bit into disarray. It was mentioned earlier that NO ONE stepped up to take his place this year. So if you're gonna step up, great. But keep the attacks and childish antics to yourselves. If he made promises he couldn't keep, well, how many of us have done the same in our lifetimes? Please, just knock off the nonsense.
I would love to see PnP come back? Absolutely. It was truly the premier event for the club. No other event came close the the fun, passion, and companionship that our club is all about. Steve did an absolutely amazing job in getting it established as well as the execution. If he wants to run it again, so be it. But for now? Please stop talking behind Jon's back. If you have something to say, say it to him, not in an e-mail to someone else. That's just as "dishonorable" as him not keeping a promise.
- MikeKling - 02-08-2013
I'm dis-something. Just ask any Instructor who had to endure me as a student.
- BoxsterBabe - 02-08-2013
So, Mike, RTR fits the definition of a 501©(4) perfectly as we have a recreational purpose so I'm not sure what we're arguing about. Again, your initial statement regarding taxes gave me the impression you were saying we had to pay taxes if we didn't spend the club's money for charitable purposes. To most people, when you talk taxes, they assume income taxes. I was just trying to clarify, not challenge you. We are on the same side, after all.
BUT, I am a CPA, and spent 15 years out of my (Oh, shit, I'm old!) 30 years accounting experience as a tax accountant, and have worked with many non-profit organizations in that capacity. In my present position, I am also treasurer of Baseballtown Charities, a 501©(3). I'm sure you don't want my entire résumé, so I'll just leave it at that.
I'm all for Planes & Porsches. It's a great event, and Miller-Keystone is a terrific organization.
- Wally - 02-08-2013
Yo Guys,
Let's cool it. We're losing focus about the PnP AX. Let's put our energy into the event. The AX part is relatively easy, getting sponsors, donors and exhibitors is more of a daunting problem. I think that's where our energy should be aimed. It will be discussed at the Exec. this week.
Paul