[HCoop-Discuss] IRS response etc.

[Ryan Mikulovsky]

Hi Nathan,
This is great news!  Thanks for keeping us up-to-date.

I assume that our record keeping for last year will be organized just in
case an audit occurs?  I think such things need to be kept around for some
minimum of years.  I know for personal taxes, 7 years of financial
information and tax returns has been quoted to me.  Though that seems
excessive.  Hmm, this is now almost rhetorical.

Thanks again!  I really like HCoop's operations being reasonably transparent.

Ryan


> I got through to the IRS Exempt Organizations line today at 9:30.  They
> told me that the ordinary filing requirements apply and that given that
> our receipts are less than $25,000 we do NOT need to file, and that the
> "Form 990 Required" on our letter of determination was contingent on this,
> and unless we were to receive an inquiry from the IRS we don't need to
> worry about it.
>
> Given that filing is optional, we should not file, since it would invite
> further scrutiny and burden us with preparing a complete and accurate
> return.
>
> As long as our annual receipts remain less than $25,000, we need not file
> a form 990.  The only annual return we need to file is with Pennsylvania
> listing new officers if they have changed within the year.
>
> I also called Myer & Myer again.  Their accountants are still "on the
> phone" and they will supposedly call me back.
>
> -ntk
>
>
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