Be The Difference, Serve The Time

[Uncle Rico]

The IRS basically agrees with JB:

https://www.wsj.com/sports/irs-tax-edge-college-sports-booster-groups-427d403f?mod=Searchresults_pos1&page=1

From 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

[dgies9156]

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!

[4everwarriors]

Petrocelli, me and sum of my posse will gladly visit ya at da Greybar Hotel, hey?

[Uncle Rico]

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.

[lawdog77]

That’s my accountants problem.

Good luck with that

[Uncle Rico]

Good luck with that

Natty’s are forever and that’s all that matters.  Plus, rich people don’t worry about taxes.  That’s for the poors

[Dr. Blackheart]

The IRS basically agrees with JB:

https://www.wsj.com/sports/irs-tax-edge-college-sports-booster-groups-427d403f?mod=Searchresults_pos1&page=1

From a Marquette standpoint, it comes down to this: Give to the Blue & Gold Fund, get a tax deduction.

Not even a deduction for your B&G seat donation anymore as you receive a benefit.  Although one could argue there were only hardships during the Wojo years.

[LloydsLegs]

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.

[Uncle Rico]

Donate to Be The Difference and win natty’s.  End of story

[StillAWarrior]

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.

I seem to recall that TAMU recently offered some good advice for dealing with Rico's posts.

[muwarrior69]

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.

[Uncle Rico]

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.

I wish we could.  Years of free entertainment, I wish we could right checks to a lot of Marquette basketball players.

[MU62]

Free entertainment? Where do you sit?

[ZiggysFryBoy]

Free entertainment? Where do you sit?

Rico sits under the bridge waiting for the billy goats.

[Uncle Rico]

Rico sits under the bridge waiting for the billy goats.

Suites.  Avoid the poors

[4everwarriors]

How are them Homewood Suites, hey?