Too Much Non-Member Income Jeopardizes Exempt Status

(IRS, Regulation) Permanent link

Among the Internal Revenue Services’ compliance strategies for FY2019 is a focus on tax-exempt clubs and their investment income, non-member income and non-filing of Form 990-T, Exempt Organizations Business Tax Return. To this end, and in furtherance of the IRS's educational initiatives, some clubs have received letters from the IRS encouraging them to monitor their gross receipts from non-member sources and to maintain books and records demonstrating continued qualifications for exemption.

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Posted by Will Flourance at 08/19/2019 10:09:22 AM |