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07-10-2013, 01:29 PM
#82
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Join Date: Jun 2008
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Out of curiosity, did anyone look into the accounting and tax implications of organizing a paid public event featuring raffles and auctions?
An inner-city program I volunteer at got into trouble with a charity ball raffle because the state considers that gambling (i.e. a lotto) and the organizers and winners typically have to pay hefty taxes on value of their winnings (or may be even need a license). I don’t remember all the specifics.
I highly doubt IRS and Franchise Tax Board will ever find out or even care, but I like to be paranoid…
A simple "Yes" or "No, GTFU" will suffice. Just curious. I don't mean to start anything
An inner-city program I volunteer at got into trouble with a charity ball raffle because the state considers that gambling (i.e. a lotto) and the organizers and winners typically have to pay hefty taxes on value of their winnings (or may be even need a license). I don’t remember all the specifics.
I highly doubt IRS and Franchise Tax Board will ever find out or even care, but I like to be paranoid…
A simple "Yes" or "No, GTFU" will suffice. Just curious. I don't mean to start anything
Last edited by LxJLthr; 07-10-2013 at 01:32 PM.
07-10-2013, 01:31 PM
#83
Out of curiosity, did anyone look into the accounting and tax implications of organizing a paid public event featuring raffles and auctions?
An inner-city program I volunteer at got into trouble with a charity ball raffle because the state considers that gambling (i.e. a lotto) and the organizers and winners typically have to pay hefty taxes on value of their winnings (or may be even need a license). I don’t remember all the specifics.
I highly doubt IRS and Franchise Tax Board will ever find out or even care, but I like to be paranoid…
An inner-city program I volunteer at got into trouble with a charity ball raffle because the state considers that gambling (i.e. a lotto) and the organizers and winners typically have to pay hefty taxes on value of their winnings (or may be even need a license). I don’t remember all the specifics.
I highly doubt IRS and Franchise Tax Board will ever find out or even care, but I like to be paranoid…
The inner city program has someone behind it... an organization... the organization has a tax exemption status.
We are not an organization. There is really no one attached to this. Just some volunteers putting on a bbq that has a raffle to raise money for charity. No money from the raffle goes to anything but a charity.
07-13-2013, 08:37 AM
#90
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Join Date: Dec 2002
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