Tuesday, March 27, 2012

Fiesta Palooza: Bowl discloses six figure tax liability

Fiesta Bowl likely owes more than $100,000 in back taxes – USATODAY.com
Published on www.usatoday.com | shared via feedly
The Fiesta Bowl, in an ongoing effort to fix past mistakes, disclosed Monday that it likely owes the federal government $136,350 in excise taxes for unreported employee compensation the past five years and for staff being reimbursed for making illegal political campaign contributions since 2000.

The disclosure was made in a series of tax returns for the fiscal year that ended March 31, 2011, filed by the four non-profit organizations that operated the Fiesta Bowl, the Insight Bowl, the 2011 Bowl Championship Series title game and community events.

A federal tax expert said disclosing the expected special tax assessment was a smart move by the bowl, which is negotiating to keep its tax-exempt status with the Internal Revenue Service. The IRS has the power to revoke the tax exemption for egregious offenses. The exemption allows non-profits such as the Fiesta Bowl to avoid paying federal and state income taxes. The bowl does not expect to lose the exemption.

Read the full story here.

1 comments:

Stew said...

Actually does anyone realize estimated taxes happen to be? For many Americans that happen to be self-employed, this is really important guidance to possess, to assure you do not obtain a federal back tax debt afterward. Have the estimated taxes filing regimen, the process of assessing your estimated taxes appropriately, and if you should get in touch with the Internal Revenue Service for additional issues. At http://www.tax-defense-network-tax-tips.com/estimated-taxes/

.

OTT Mobile Social Image Links!