team tax question

[dpett]

Wasn't sure where to post this. Our team has a tax id and is incorporated but is not tax exempt. Do we need to file a return and if so which one?

Thanks

 

[PEPPERS]

This does not answer your question, but a few years ago we had a business that was to make a large donation to the team, but required a tax-id and for the team to be tax exempt. We did not have this and they did make a smaller donation, but we missed the big money.

 

[Sparky Guy]

Your question would be best answered by an accountant or tax attorney. I would say you would have to file some type of return. In the eyes of the IRS you're a business. But this is just a guess on my part. I could be very wrong.

 

[FPMark]

Even tax exempt corps. have to file a tax return, so you may want to ask HR Block or another tax preparer to find out when and what you have to file.

 

[SoftSocDad]

You don't owe anything, but unfortunately, I believe you do have to file, because of a new law that just came into force a year or so ago. It'll take you about 2 minutes to complete the form, but it's still a hassle. The tax code is ridiculously complicated in order to keep taxpayers confused and to keep paper pushers employed at everyone else's expense.

 

[dpett]

You don't owe anything, but unfortunately, I believe you do have to file, because of a new law that just came into force a year or so ago. It'll take you about 2 minutes to complete the form, but it's still a hassle. The tax code is ridiculously complicated in order to keep taxpayers confused and to keep paper pushers employed at everyone else's expense.

Is the form 1120? If so it looks like 2 days not minutes.

 

[dpett]

C'mon!! Has to be someone here in the same boat. I don't have access to a tax attorney. Anyone or is everyone in hiding?

 

[Sparky Guy]

C'mon!! Has to be someone here in the same boat. I don't have access to a tax attorney. Anyone or is everyone in hiding?

Did you try the IRS web site. There should be something there for sports teams who are incorporated.

 

[starsnuffer]

It's April 15th and you're asking for tax advice on an internet softball forum?

 

[FrozenRope]

It's April 15th and you're asking for tax advice on an internet softball forum?

I'm in the midst of trying to figure out what our newly formed team needs to file so I searched the forum to see if the topic ever came up.... Although 2+ years old....this response is priceless!!!