BigJim:
We recently sent Guitarzan Ben a check for $2,000 to help him get by while he deals with medical issues that have prevented him from being able to work...
After this donation, we currently have $165.81 in checking, and $9,835.78 in PayPal for a total of $10,001.59. See attached screenshots for current balances of both accounts.
From that total balance, $1,500 is set aside for 2018 AOTY/DOTY awards/trophies, and $6,000 is set aside for Steph in case she needs it (so far she hasn't), leaving us with an actual balance of $2,501.59.
We have always tried to be as transparent as possible with the PIF $, and so we wanted to let you that after many years of using PayPal we finally got issued a 1099K, and that form was also sent to the IRS...
It turns out that if you receive over $20k or have more than 200 transactions in a year it triggers PayPal to issue the tax form...
in 2017 the PayPal account received $27,490 and had 511 transactions...
See attached screenshot of the 1099k and of PayPal's IRS rules.
Here is a link showing how much has been raised and donated over the years:
The PayPal account is in my name and it is used for AOTY/DOTY and PIF, not for any of my personal transactions.
My wife will be doing our taxes and will do it once without reporting the 1099k info, and then once with the 1099k info and then I will let you all know how much tax is due because of the PayPal account...
The last thing any of us want is to have $$ raised and donated go to the IRS...the whole idea of PIF has always been to give $$ directly to members of the NCKA community in need...not to have $ go to overhead or anything else.
We have discussed the idea again of making PIF a non-profit 501c3, but I am not 100% sure if that will happen or not.
I will keep you all posted with future updates.
Thank you for all your support of PIF over the years!!!
:smt006
Sincerely,
Jim
Sailfish:
Thank you and your wife for doing the "legal" works. We appreciate your family hard works over the years.
Tote:
HUGE effort! Thank you. I almost didn't open this thread because I have no doubts about your integrity and know there is nothing to worry about.
DG:
Thank you for the update. I would seek IRS advice as there may be a work around with you having to pay on it as they are funds we all have already paid taxes on and only give out amounts allowed under the IRS gifting rules.
I definitely like the no overhead option if there is a way to keep doing that.
NowhereMan:
--- Quote from: Tote on March 20, 2018, 03:52:15 PM ---HUGE effort! Thank you. I almost didn't open this thread because I have no doubts about your integrity and know there is nothing to worry about.
--- End quote ---
Ditto that.
If you need any help with tax-related issues, my sister is a CPA and I'm sure I can get some free advice...