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Topic: Bad news for PIF...  (Read 10175 times)

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yakyakyak

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I think there is no doubt that all of us support you and your family, Jim!  Make sure you are not footing the bill, all the time and effort you put into this are already worth more than what is owed to IRS (so don't feel bad).  I would say the next batch of $$ should be spent on making sure PIF can operate the way it is as much as it can (i.e. accountant advice, etc).   History says this is a good thing and the community supports this long term.

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polepole

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It’s a tough spot for sure. This is only an issue because we hit the #s that trigger an automatic filing with paypal (200 transactions OR $20k). We can never exceed those triggers again (with any 1 specific paypal acct) or they will file again for FY18, for example.

This leaves us with a handful of options, for how to proceed. Here’s a few of the options we’re considering:
-create a second paypal acct that we switch to if/when we get close to the #s that trigger autumatic filing (we’d only have to update the embed code for the PIF or AOTY/DOTY button)
-cash only, leave paypal out of it completely (which would probably result in less donations)
-file paperwork & pay fees to become a recognized nonprofit (but that requires people to agree on stuff and we’d have to file taxes every year)
-shut it down (it’s been a good run!)

Just because Paypal triggers aren't met, doesn't mean taxes shouldn't still be filed.  I would avoid discussion of possible tax evasion strategies in a public forum like this.

I also just finished taxes.  Running AOTY/DOTY sites is putting significant strain on our NCKA/NWKA server, causing us to have to pay for upgraded services.  At the same time, ad revenue is at an all time low.  We recorded a loss on the year, for the first time ever.  We should have discussions on what it is going to take to keep AOTY/DOTY running for next year.

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Any CPA should be able to advise you on how to avoid the situation again in the future and still be able to manage an account that gives you a net zero profit.
I bet it has cost you plenty of your own resources to operate the account.  The very computer you managed the account, the internet services, etc.  Aren't all those deductible against the gross?

Maybe for this year, itemizing the expenses against the contributions would offset the increase that triggered the tax?  I don't know.  I just feel bad that there are  tons of loopholes designed to keep lawyers in business in order to even do a good deed anymore. 
« Last Edit: April 17, 2018, 03:51:54 PM by Ski Pro 3 -- Jerry »


Sin Coast

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I was already planning to ‘archive’ any indicting info after the discussion concludes :-)
But yes, we should probably have some discussions about the future of AOTY/DOTY (committee plus you & brian).
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Is there a new plan?
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Collect contributions/donations via personal check or money order.


Mojo Jojo

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Collect contributions/donations via personal check or money order.
Cash works better, that is if they still print it?


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bmb

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Is there a new plan?
For AOTY?  Someone will take it over.  Most likely we'll make one of the youngins' do it.  For PIF they'll continue to do what they did last year, benefits going directly to the individual.


Midwest

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Thanks Jim, your awesome for doing as much as you have. It’s not a bad thing we’ve become to big and are able to now raise a good amount of money to help others plus use up all of Poles internet data ;).
   Seems the time has come to make these taxable if we want to continue. I’m always happy to help just not with the tax stuff  :smt003
 
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TheKeeneroo

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I participated in PIF and DOTY for the first time this year. I've learned a huge amount from this group. While I won't be diving nearly as much next year due to Baby Bella's arrival in early Feb., I'd be more than happy to discuss how I might be able to help with events moving forward. I have experience and success in event planning, fund raising and marketing. My free time is up in the air as we're new parents with no idea what to expect (other than a lack of sleep) but keep me in mind to help with stuff as needed.
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SteveS doesn't kayak anymore

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Jim,

Check your PM

My wife is tax account and works for a CPA firm here in marin. I showed her this, and then the principal. The gifts you reviewed and are recorded on the 1099 are deductible, since they're gifts. Irrespective of the 1099.


screebo

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Jim,

Check your PM

My wife is tax account and works for a CPA firm here in marin. I showed her this, and then the principal. The gifts you reviewed and are recorded on the 1099 are deductible, since they're gifts. Irrespective of the 1099.
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BigJim

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Thanks for all the info Steve!

Unfortunately, we already paid the tax bill back in April.

The only $$ left in the account is $$ that was generated via AOTY/DOTY reg fees and will be spent on prizes.

We did not use the PayPal account for this year's PIF event and instead gave all $$ raised directly to Shicken.

I agree that a non-profit is the way to go and maybe one day in the future that will happen...

Thanks again!

 :smt006

Sincerely,

Jim

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crash

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Thanks for all the info Steve!

Unfortunately, we already paid the tax bill back in April.

The only $$ left in the account is $$ that was generated via AOTY/DOTY reg fees and will be spent on prizes.

We did not use the PayPal account for this year's PIF event and instead gave all $$ raised directly to Shicken.

I agree that a non-profit is the way to go and maybe one day in the future that will happen...

Thanks again!

 :smt006

Sincerely,

Jim

You can file an amended return and get a refund.
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Bulldog---Alex

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Thanks for all the info Steve!

Unfortunately, we already paid the tax bill back in April.

The only $$ left in the account is $$ that was generated via AOTY/DOTY reg fees and will be spent on prizes.

We did not use the PayPal account for this year's PIF event and instead gave all $$ raised directly to Shicken.

I agree that a non-profit is the way to go and maybe one day in the future that will happen...

Thanks again!

 :smt006

Sincerely,

Jim

You can file an amended return and get a refund.

Ya, but then they will audit him and he wont be able to produce that 3,500.00 in receipts for all his home upgrades.  :smt005
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