Scholarship table
The IRS basically agrees with JB:https://www.wsj.com/sports/irs-tax-edge-college-sports-booster-groups-427d403f?mod=Searchresults_pos1&page=1From a Marquette standpoint, it comes down to this: Give to the Blue & Gold Fund, get a tax deduction.Give to Be the Difference, fat chance.
Already donated to Be The Difference. Good tax accountant got me a deduction. DM me for her name
Part of the WSJ article said the IRS is reviewing past rulings to change them. Thank you for donating to our future success but I hope the IRS doesn't audit you!
That’s my accountants problem.
Good luck with that
The IRS basically agrees with JB:https://www.wsj.com/sports/irs-tax-edge-college-sports-booster-groups-427d403f?mod=Searchresults_pos1&page=1From a Marquette standpoint, it comes down to this: Give to the Blue & Gold Fund, get a tax deduction.
An error on the tax return (or an "aggressive position") is not the accountant's problem from the IRS's (and the law) viewpoint. And, the accountant is never (maybe in a fraudulent scheme concocted by the accountant where the taxpayer is a dupe, but even then it is doubtful) liable to you for your resulting taxes and interest paid to the IRS. If you can prove negligence (difficult in this case, I would think), accountant may be liable to repay some of the fees charged to you for preparing the tax return, and, depending on your engagement agreement and jurisdiction, maybe for penalties and for your cost of addressing the issue with the IRS, but highly unlikely. But the taxpayer is on the hook for taxes and interest with no legal (as opposed to business reasons which may drive the accountant to pay something) chance for reimbursement from the accountant.Accountant could be separately penalized by the IRS.
Donate to Be The Difference and win natty’s. End of story
Why don't you write a check directly to each player. The IRS allows up to a 17K gift tax free to the recipient. Of course you don't get a deduction.
Free entertainment? Where do you sit?
Rico sits under the bridge waiting for the billy goats.