Accountant

[Missdirected]

Hi all. I wanted to say all the well wishes and donations are sooooo deeply appreciated.

I do have one more thing to ask of this wonderful community. Many are wanting to auction items off and donate the proceeds to the fund. To do that, we need some advice as to the correct methods and procedures, so if you are willing to assist, we would be eternally grateful.

Thanks a bunch!

 

[almitywife]

sorry I cant help you with this Miss.

we seem to ahve alot of pilots and lawyers on SB - there has to be an accountant or CPA here somewhere!

cheers

 

[DivesWithTurtles]

... Many are wanting to auction items off and donate the proceeds to the fund. To do that, we need some advice as to the correct methods and procedures, ...

dsteding and I did it simply. He offered an item here. I PayPal'ed the fund the amount he asked for it (plus a just little more). He's sending the item. Simple.

 

[Missdirected]

dsteding and I did it simply. He offered an item here. I PayPal'ed the fund the amount he asked for it (plus a just little more). He's sending the item. Simple.

I think what you guys did was wonderful :blinking: I was watching, thank you so much. I hope others follow your lead. It is a wonderful, and as you said, simple idea that works! If others would like to follow your lead they should feel free to post their items here. As long as no one is in need of a tax receipt, have at it. When we get a few going we will start a forum for just that.

Many are going to need confirmation once the sale is complete that the correct funds were deposited to the Kimber fund, via PayPal, by the purchaser. This is something that was worked on today. It doesn't look as though such confirmation will be problematic. More than likely, we will be able to generate this information, perhaps on an everyother day basis, and submit it to each seller. Once seller has such confirmation they can then mail their item to the purchaser. I will speak today to the person handling the PayPal account and be sure everything is a go on that.


As for the bussiness' that donate items for sale here; we still need an accountant to direct us, so that we may provide tax receipts for those business'.

 

[DivesWithTurtles]

I think what you guys was wonderful :blinking: I was watching, thank you so much. I hope others follow your lead. It is a wonderful, as you said, simple idea that works!

Personally, I think what Doug did was wonderful. I just went along for the ride.

 

[Missdirected]

Personally, I think what Doug did was wonderful. I just went along for the ride.

Turtles riding divers now, hrmmm :loopy: Okay it is late, and I am a bit punchy. Thanks again, both of you.

 

[XJae]

I do have one more thing to ask of this wonderful community. Many are wanting to auction items off and donate the proceeds to the fund. To do that, we need some advice as to the correct methods and procedures, so if you are willing to assist, we would be eternally grateful.

well... im not a tax accountant but use to play a corporate accountant on tv.
if you have specific questions i can run them by a few friends of mine who are more qualified.

i am pretty sure that only donations to chuches and accredited not-for-profit charities are dedutible expenses for the gift giver, and that is only if you itemize your personal taxes.

since this fund does not fit that criteria, it would most likely fall into the general gift category. any one person can give a tax free gift to another up to a fix amount per year without having to pay gift tax. i think it is $12,000 for 2006. there is also a lifetime gift cap, but i doubt anyone without a trust fund will ever hit it… it’s over a million.

so, in a nutshell i don’t think there is any tax implication for either the giver or receiver unless the gift is over $12k.

http://www.turbotax.com/articles/TheGiftTax.html

 

[Missdirected]

The following is what I recieved from Mike/MHK, a member of the board:

The problem is that the cost of applying and maintaining such an entity is extremely cost prohibitive.

Given that all too many scam artists try to set up charitable organizations for personal gain all the time, the government has made the hurdles pretty hard to jump over.

You are correct in that in order for a company to benefit tax wise from a donation, the donation must be made to a qualified 501(c)(3) charitable organization. That means such an organization must apply before the IRS for charitable status, the IRS would need to review it and then notify that you have been approved. That usually takes about 6 months. Then you have to maintain books and records that are required to be made available for inspection within 24 hours notice.

You will also need to demonstrate a "charitable cause" and while Kimbers recovery is a sound goal, I'm not a 100% sure the IRS would agree for such a specific issue. Normally, it requires a grander scope available to the general public, not just one individual. I'm not saying they would rule against, but I believe they likely would.

Bearing this in mind, we will not continue to pursue this path.

I am sure people are still willing to donate and auction things. If anything, they can perhaps go the path XJae suggested.

 

[The Chairman]

No, gifts to Kimber would not be tax deductible... SO WHAT? The girl needs our assistance! Sometimes you just got to live on the wild side.

 

[XJae]

No, gifts to Kimber would not be tax deductible... SO WHAT? The girl needs our assistance! Sometimes you just got to live on the wild side.

exactly! and on a good note they are tax free to her.
(though the person(s) administering the account should keep detailed records)

btw, i've also played an ob/gyn in the movies... if anyone out there needs anything. :doctor: