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.


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