Quote:
Originally Posted by jimbo2012
No notice, don't think there would be until 3+ years passed.
Then you or your club would pay tax as income, even if you were an officer in the past you're on the hook for all taxes & penalties the way I understand it 
I just asked my accountant if there's anything to do for the '14 tax year.
He immediately said absolutely. |
I think if you keep the amount you collect very low, there is no problem. We just use ours for napkins and paper plates and table cloths etc... and collect five bucks from everyone about once a year. If we are collecting for the Ocala Forest people or other things, we immediately disperse it to them.