It May be Ludicrous But....
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It May be Ludicrous But.... We sometimes have clubs that are new or that have had losses or minimal income ask whether they need to file club taxes. Just to reinforce the resounding YES answer to that question, I want to let you all know that today I've been working with a club that has received a tax assessment of around $16000 for not filing for two years. The club does not have a lot of assets. In fact they had net losses of a few hundred dollars each of the two years. The penalty is for not filing a return, not for neglecting to pay taxes. In fact, by not claiming the losses, they have each individually slightly overpaid their personal taxes. They are now in the midst of trying to find someone who will listen to their story and hopefully abate their fine. Even if they come out of it OK, but they are not finding this easy. Ignorance is not a justification for not complying with tax laws. Computers that are matching up numbers don't ask questions about whether penalties fit the magnitude of the crime. Save yourself any hassles later. bivio makes it easy to prepare and file the tax forms you need to. I'm sure this club would be glad to attest that it is far easier to do this than it is to try and straighten out a problem later. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio |
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