• Welcome! The TrekBBS is the number one place to chat about Star Trek with like-minded fans.
    If you are not already a member then please register an account and join in the discussion!

CBS/Paramount sues to stop Axanar 2 - Electric Boogaloo-Fanboys gone WILD-too many hyphens

Do you enjoy pie?

  • Yes, sweet, please

    Votes: 79 40.9%
  • Yes, savory, please

    Votes: 42 21.8%
  • Yes, any kind

    Votes: 80 41.5%
  • No, I'm a heathen

    Votes: 37 19.2%

  • Total voters
    193
They should consult with a tax attorney before claiming it as a tax donation. Until the 501c3 is actually in place donations are not tax write offs. At least that’s my understanding.
Tax law is weird because I read a thing on the IRS site that if the application for 501c3 status is filed then those donations will be retroactively considered tax deductible.

But, I agree with you that a tax attorney should be consulted.
 
Tax law is weird because I read a thing on the IRS site that if the application for 501c3 status is filed then those donations will be retroactively considered tax deductible.

But, I agree with you that a tax attorney should be consulted.

But what does “retroactively” mean? If I donate something in 2020 to an organization that has only filed the paperwork, does that mean in 2020 I can write it off on my taxes? Or does it mean when the 501c3 is approved in 2021, I can refile my 2020 taxes and get the rebate?

Because just filing doesn’t mean approved. What if an organization files but isn’t approved? I shouldn’t be able to get the tax benefit of a donation from it.
 
But what does “retroactively” mean? If I donate something in 2020 to an organization that has only filed the paperwork, does that mean in 2020 I can write it off on my taxes? Or does it mean when the 501c3 is approved in 2021, I can refile my 2020 taxes and get the rebate?

Because just filing doesn’t mean approved. What if an organization files but isn’t approved? I shouldn’t be able to get the tax benefit of a donation from it.
Someone would have to ask Aries/Axa-a-what for their EIN number, after that there are on-line data bases which will let you know the status.
 
But what does “retroactively” mean? If I donate something in 2020 to an organization that has only filed the paperwork, does that mean in 2020 I can write it off on my taxes? Or does it mean when the 501c3 is approved in 2021, I can refile my 2020 taxes and get the rebate?

Because just filing doesn’t mean approved. What if an organization files but isn’t approved? I shouldn’t be able to get the tax benefit of a donation from it.
From the IRS site:
Contributors to the organization do not have advance assurance of deductibility while the organization's application is pending. If the organization ultimately qualifies for exemption for the period in which the contribution is made, the contribution will be tax deductible by the donor. Alternatively, if the organization ultimately does not qualify for exemption, then the contribution will not be tax deductible.

To be exempt under section 501(c)(3), most organizations must file Form 1023 or Form 1023-EZ by the end of the 27th month after they were created. If an organization does so, and the application is approved, charitable contributions to it will be deductible back to the date of formation.

The effective date of tax-exempt status (and the deductibility of contributions) depends on whether the organization has:

  • Timely filed Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, but has not yet received a letter recognizing its exempt status (explained above),
  • Filed Form 1023 later than the prescribed time, or
  • Not filed Form 1023 or 1023-EZ.
 
Hopefully the IRS does its due diligence on Ares Studios and its checkered history during its evaluation process to realize it’s all about profit. Then again, they’ve never struck me as being the most competent of government agencies, so it’ll probably work out.
 
So I wonder how long it will be before they suddenly realize that A. this is going to bring production on the movie to a halt until they get moved and B. they don't actually have enough money and need more?
I just knew something was going to come along that would would drag all of this out longer, and now I think we know what it is.
 
You missed the best part...........They are talking about buying some land and building their OWN clubhouse. It's gonna be Valencia all over again. #missioncreep
EDITED!
dg9JfY2.jpg
 
Last edited:
If you are not already a member then please register an account and join in the discussion!

Sign up / Register


Back
Top