Re: OT-SALES
From: "Bill Stone" <wstone@volcano.net>
John: While your checking on the tax free status, I think a check should
also be made on how much you can have before you start filing. I believe if
it is a political organization once the treasury reaches $ 1,000 you have to
file with the Secretary Of State. Bill
wstone@volcano.net
Stone's Iris Garden
23801 Shake Ridge Rd.
Volcano, CA 95689
----- Original Message -----
From: John I Jones <jijones@ix.netcom.com>
To: <iris-talk@onelist.com>
Sent: Monday, August 09, 1999 1:40 PM
Subject: Re: [iris-talk] OT-SALES
> From: John I Jones <jijones@ix.netcom.com>
>
> wmoores wrote:
> >
> > At one of our sales a conversation arose regarding the amount of
> > money in the treasury that keeps the society in the tax-free, non-
> > profit status. No one had a clue, and then, since some of us had
> > been members of larger, more established societies in years past,
> > there were statements to the effect that some societies had
> > balances in their treasuries in the tens of thousands of dollars.
> > And, in several regional bulletins/newsletters, we see double that
> > amount in Regional reports. These societies could go for years
> > and not have a sale for operating purposes. And, over the years,
> > these treasury balances just seem to increase. Does the IRS take
> > note of this? Is there a limit to how much money a society can
> > have and not pay taxes?
>
> I will do some checking, but I thought the problem with tax free status
was
> the amount of annual income, not how much you had in the bank. I think the
cut
> off point for some sort of reporting was $25,000 annual income. I know
that
> the year Region 14 (which has tax exempt status) hosted the National
> convention and and more than the allowed amount of income, they had to at
> least file different paperwork. I also know there are different tax exempt
> statuses (stati?).
>
>
>
> John | "There be dragons here"
> | Annotation used by ancient cartographers
> | to indicate the edge of the known world.
> ________________________________________________
>
> USDA zone 8/9 (coastal, bay)
> Fremont, California, USA
> Visit my website at:
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>
> President, Westbay Iris Society
> Director, Region 14 of the AIS
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