Club Tax Book - "An Accumulation of Tax Issues Specific To Clubs"
For Club Managers, Controllers, CPAs and Lawyers serving the Private Club industry who are frustrated with obtaining timely and accurate answers to common Club specific tax questions. Club Tax Book is a consulting service and a quarterly updated quick reference tool written in a question and answer format that provides the subscriber with questions that should be asked on each topic and answers that are supported by legal documentation. Unlike finding out too late you have messed up, we have provided you with your question and your answer at the price of one or two phone calls to your trusted advisor.
View Table of Contents
Plus Club Treasurer's Work Book. This is a conversion of the "Checklist" Chapter to a stand alone book for the Club Treasurer. Clubs subscribing to Club Tax Book are encouraged to print out this revised and expanded resource. A Club Treasurer can have access to the "New Treasurer Handbook, "Checklists" and "Worksheets" to refer to in answering questions raised during Board meetings.
FIN 48 - The good news is that on October 15, 2008, FASB deferred the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for all nonpublic companies for one year. The bad news is that the year is up already. Clubs and outside CPAs should already be heavily involved in their FIN 48 analysis. So, if your Club has not already done this analysis and wants to report in accordance with U.S. GAAP, the earlier it starts the better. To view the full article "Private Companies and FIN 48" by William R. Stromsem 1/17/09 in the J of A, click here.
IRS Examination - We have recently become aware that the IRS is becoming very active in auditing tax returns of Private Clubs. In order to find out what issues are being addressed when Club's are under examination, we conducted an informal survey among CPA firms throughout the country. After analyzing the data provided to us by CPA firms representing Clubs across the nation, we are confident that every Club could have avoided problems if only they followed the rules laid out in an easy to read, easy to understand format of the Club Tax Book, updated quarterly. With the IRS Agent, you can't just claim ignorance but if a problem arises you can support your argument by printing out the applicable section from Club Tax Book and present it to him/her as documentation. We encourage CPA firms and Private Clubs to become subscribers today. The cost of the publication doesnt hold a candle to the cost of a penalty or loss of tax-exempt status imposed by the IRS. Click here to view the survey results.
Webinar Attendees - As discussed in the webinar, there are six times in the life of a Club where being 501(c)(7) tax-exempt.is extremely important. History has shown that for each of these times, there can be a substantial income tax savings of $1,000,000 or more. Click here for a checklist of these times taken directly from Club Tax Book.
By subscribing to Club Tax Book, you will receive a CD Rom with the essential tax references for your Club. Click here for the Table of Contents
