Talk of The Villages Florida - View Single Post - IRS & running your club -- HEADS UP
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Old 03-14-2015, 06:02 PM
Bizdoc Bizdoc is offline
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Remember that wonderful Patriot Act (and related stuff)? From it flowed all manner of crackdowns on "not-for-profit" clubs and other organizations that "might" actually be pipelines to terrorist organizations.

Now, you are probably saying it is silly. However, the only way the IRS knows who you are and what you do is by your club's filings. Meanwhile, having an EIN means that your bank is filing lists of accounts and you will have to file a return anyway - the not-for-profit status just directs it into the "they don't have to pay taxes" pile.

Remember, Al Capone thought that the IRS was a joke when they went after him (stories aside, the FBI never had a hope of convicting him for anything).