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14 September 2008

RE: [taxchat] fORM 990

Their income exceeded $25,000 for the first time this year, even with a 3 year average, so the 990-EZ must be filed.
 
The canteen income is about $775. I agree with the other income.
 
Thanks, all!
Donna
 
 
Donna J. Perrone, EA
East Haven, CT
203-469-4939
203-468-2038 fax
 
 

IRS Circular 230 Disclosure: Unless expressly stated otherwise, any tax advice contained herein, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Arnold M. Socol
Sent: Sunday, September 14, 2008 9:25 AM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] fORM 990

They do not have to file with less than $25k income and $25k assets.
 
If canteen income is relatively insignificant I would show as other income but not as UBTI.  I would not want to tax a small not for profit on fund raising by selling hot dogs. I'm sure IRS would go along.
 
Arnie
 
 
----- Original Message -----
Sent: 09/13/2008 5:57 PM
Subject: [taxchat] fORM 990

Client has a very small 501(c)3- their purpose is to provide financial assistance to college students via scholarships.  They run 2 events during the year, a basketball camp where maybe 60 teams sign up to play and a golf tournament.  During the basketball camp, they sell hotdogs and soda to the attendees.
 
Can I include the canteen income with the registration fees that the teams pay as Program Service revenue on line 2 of the 990-EZ? I believe that I can, but need some confirmation.  I don't think it is UBTI because it is related to the event. 
 
thanks,
Donna
 
Donna J. Perrone, EA
East Haven, CT
203-469-4939
203-468-2038 fax
 
 

IRS Circular 230 Disclosure: Unless expressly stated otherwise, any tax advice contained herein, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein.

 

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IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.



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