taxes

[clwian]

Ok- Don't know if i'm in the right section here or not. I just took over our finances this year and not getting much help from previous officers. My question to you guys is what tax forms do Vol. Fire companies need to submit? Previous officers said we only submit our state sales tax but now when applying for state loans they want copies of our 1099 or 990. Can anyone help me out?

Thanks.

[Limeforever]

You need to determine your tax classification as determined by the IRS. A large amount of departments are 501 (c)(3), others have a different classification. That would be the first place to start. You may be listed as a municipal goverment entity. The others here can give you some input on this as well.

[DeputyMarshal]

This is a question for an accountant in your state -- not an online forum.

[farmerfire1156]

Dang Deputy, take a chill pill. He asked the question to get an answer or put in the right direction, not a lecture.

[islandfire03]

As was stated above:
Step # 1 Determine if your department is incorporated as a 501c3 designation .
[tax exempt]

Step # 2 If not find a copy of your depts articles of organization from your state attny generals office.

Step # 3 check with your town/municipal government body and find out if you are a municipal entity for tax purposes.

Step # 4 once you make that determination , then you can ask which forms you will need to file with state & federal tax offices.

If you're a 501c3 which is most common you will need to file an amended IRS form 990 annually. Basically a profit/loss statement, which shows income against expenses, and lists capital reserves and buildings and rolling stock values.

An appointment with an accountant or tax attny is not a bad idea to make sure you are following all the rules , as they change frequently.
You Don't want to get on the bad side of big brother over not filing required forms

[DeputyMarshal]

Dang Deputy, take a chill pill. He asked the question to get an answer or put in the right direction, not a lecture.

A simple, direct, one line response is a "lecture?"

The "right direction" as you put it, is an accountant; not a guardhouse tax lawyer.

Sorry, but if he's responsible for his company's finances in general and tax matters in particular, he needs to talk to an accountant or at least a tax specialist. It's entirely too broad a subject with way too many possible answers to be looking to a public forum for serious advice...

(Our department used to have "volunteers" before the IRS started to wonder about all their fire pay. Now they're part-time employees with regular W2s and withholding because too many people played fast and loose with income tax for too long. Fortunately the IRS decided not to go after the company treasurers who were technically responsbile for handing out fire pay without proper documentation or withholding. Oh yeah, turns out the $1,000 per year property tax abatement available to volunteers in CT is federally taxable, too.)

[imafireman]

That is the bad part about posting on the forum or writing an email. You cannot tell the true context that it was written in. When I first read what was written, it sounded pretty "blunt". But after your explanation in your next post, I could understand completely.

[Attack6]

Kelly, get ahold of me. We can help you out.