Tax history

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Revision as of 19:03, 11 April 2014 by Maximilianklein (talk | contribs)
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2014 commenting on Calendar year 2013

This is your treasurer notconfusing speaking. I'm a tax amateur, and you can too. On Apr 9th 2014, I went the Sustainable economies law center legal cafe to get some advice about how sudo should handle taxes. Here's what I learned:

  1. Tax day for corporations is the same as for people - April 15th.
  2. Every year we must file something. Even if you become a federal nonprofit, which we aren't yet, you have to tell the govt that you don't owe anything. The basic things we need to file' are:
    1. State Taxes: Form 199, probably 199N
    2. Federales Taxes: Form 990 Likely 990-EZ.
    3. Those forms are actually not due until May 15th.
  3. 2013 was the year we switched from being "Eddan Katz" dba (doing business as) Sudo Room, to Sudo Room, the California non-profit public benefit corporation.
    1. Eddan is not claiming the income that was receieved, and it was all transfered to the new corporation.
    2. So the corporation will pay tax on it.
  4. Since we are not 501c3 yet the money "donated" to sudo room are not actually donations, i.e. not tax deductible.
  5. Corporations like us get 27 months after incorporation to file for 501c3. That puts our date at January 2016.
  6. The sudo EIN is 46-4109670

2013 finances.png