you blow it all on hookers and blow.
I think we should consider this...
club brew stand process
Moderator: BeerGuy
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by StLBeer » Wed Sep 07, 2011 12:06 pm
So who amongst us has read the IRS code for 501(C)(7) organizations?
I think it basically comes down to how much income do we have coming in from non-members sources and the code was basically making sure that taxes were assessed on investment income and dividends.
This doc is a pretty good write up which includes the history of taxing social clubs: http://www.irs.gov/pub/irs-tege/eotopicc96.pdf
I am not a lawyer but I do my own taxes and can read. Since the St Louis Brews are incorporated as a 501(C)(7) organization with the IRS, shouldn't we have a tax adviser/lawyer to help us on our way? That way we can be sure we're getting the best advice.
Thoughts?
I think it basically comes down to how much income do we have coming in from non-members sources and the code was basically making sure that taxes were assessed on investment income and dividends.
This doc is a pretty good write up which includes the history of taxing social clubs: http://www.irs.gov/pub/irs-tege/eotopicc96.pdf
I am not a lawyer but I do my own taxes and can read. Since the St Louis Brews are incorporated as a 501(C)(7) organization with the IRS, shouldn't we have a tax adviser/lawyer to help us on our way? That way we can be sure we're getting the best advice.
Thoughts?
Serving - "Close Enough" Bigfoot Barleywine Clone, JD RIS (jealous?), Hard Apple Cider, American Wheat Ale, Nut Brown Ale, & commercial samples...
Carbonating -
Primary - Belgian Blonde
On Deck - American Wheat Ale
In the hole - AIPA
Carbonating -
Primary - Belgian Blonde
On Deck - American Wheat Ale
In the hole - AIPA
-
StLBeer - Posts: 1123
- Joined: Mon Apr 09, 2007 1:08 am
- Location: Fenton
by bmock » Wed Sep 07, 2011 1:37 pm
Ima take a stab at this.
The club's income, whatever that may be, must be made up of 65% member contributions. That means we can only take in 35% of the income from non-member sources.
So let's say member dues (including $3 monthly) total $2500. That means we can only take in $1346.15 from non-members for the entire year. Additionally, that income from non-members has to be "traditional" business, which is very hard to define for non-members. It basically has to be tips and contributions.
There is no limit on holdings. REPEAT, no limit.
The club's income, whatever that may be, must be made up of 65% member contributions. That means we can only take in 35% of the income from non-member sources.
So let's say member dues (including $3 monthly) total $2500. That means we can only take in $1346.15 from non-members for the entire year. Additionally, that income from non-members has to be "traditional" business, which is very hard to define for non-members. It basically has to be tips and contributions.
There is no limit on holdings. REPEAT, no limit.
mockwerks.blogspot.com
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bmock - Posts: 1443
- Joined: Mon Oct 08, 2007 9:13 am
by RobertHSmith » Wed Sep 07, 2011 1:39 pm
wnordmann wrote:you blow it all on hookers and blow.
I think we should consider this...
We can vote at the next meeting, but either you or Brad will need to store the hookers or blow at your house because neither can stay at mine.
Robert
http://www.robertandcathy.com
On Tap:
1: English Pale Ale
2. English Dark Mild
3. Oatmeal Stout
4. Breakwater Pale Ale Clone
5. IPA, DH w/ Centennial
6. American Wheat
http://www.robertandcathy.com
On Tap:
1: English Pale Ale
2. English Dark Mild
3. Oatmeal Stout
4. Breakwater Pale Ale Clone
5. IPA, DH w/ Centennial
6. American Wheat
-
RobertHSmith - Posts: 910
- Joined: Tue Jun 17, 2008 8:03 pm
- Location: Tower Grove South
by Witch Doctor Dale » Wed Sep 07, 2011 1:48 pm
We will need a lawyer if we invest in hookers and blow. 
- Witch Doctor Dale
- Posts: 1531
- Joined: Fri Jan 12, 2007 5:24 am
- Location: Webster Groves, MO
by RobertHSmith » Wed Sep 07, 2011 2:51 pm
Can we spend it on those and still keep our not for profit satus? If we're really headed that way maybe we should invest in these for the club:
We could get them embroidered with the club logo. I have a feeling they would be very nice and give the club members a young, hip apperance.
We could get them embroidered with the club logo. I have a feeling they would be very nice and give the club members a young, hip apperance.
Robert
http://www.robertandcathy.com
On Tap:
1: English Pale Ale
2. English Dark Mild
3. Oatmeal Stout
4. Breakwater Pale Ale Clone
5. IPA, DH w/ Centennial
6. American Wheat
http://www.robertandcathy.com
On Tap:
1: English Pale Ale
2. English Dark Mild
3. Oatmeal Stout
4. Breakwater Pale Ale Clone
5. IPA, DH w/ Centennial
6. American Wheat
-
RobertHSmith - Posts: 910
- Joined: Tue Jun 17, 2008 8:03 pm
- Location: Tower Grove South
by Kally » Wed Sep 07, 2011 3:16 pm
hahahaha. I love the hats! I need someone to explain how we "invest" in hookers and blow. Fascinating concept. Makes me wonder if we should be utilizing another collaborative aspect of brewing for fund-raising.
roberthsmith wrote:resivors...
My vision - Brewsight 2012. Pursuing beer as a verb.
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Kally - Posts: 1136
- Joined: Sun Dec 30, 2007 12:36 am
- Location: Chesterfield, MO
by RobertHSmith » Wed Sep 07, 2011 3:25 pm
"hookers and blow" sounds like a good beer name for a really hoppy beer.
Robert
http://www.robertandcathy.com
On Tap:
1: English Pale Ale
2. English Dark Mild
3. Oatmeal Stout
4. Breakwater Pale Ale Clone
5. IPA, DH w/ Centennial
6. American Wheat
http://www.robertandcathy.com
On Tap:
1: English Pale Ale
2. English Dark Mild
3. Oatmeal Stout
4. Breakwater Pale Ale Clone
5. IPA, DH w/ Centennial
6. American Wheat
-
RobertHSmith - Posts: 910
- Joined: Tue Jun 17, 2008 8:03 pm
- Location: Tower Grove South
by StLBeer » Wed Sep 07, 2011 3:35 pm
RobertHSmith wrote:Can we spend it on those and still keep our not for profit satus?
We can spend whatever we want so long as it's for the benefit of all and not for a couple of individuals.
It's the income that defines not for profit - in our case we're a social club.
Serving - "Close Enough" Bigfoot Barleywine Clone, JD RIS (jealous?), Hard Apple Cider, American Wheat Ale, Nut Brown Ale, & commercial samples...
Carbonating -
Primary - Belgian Blonde
On Deck - American Wheat Ale
In the hole - AIPA
Carbonating -
Primary - Belgian Blonde
On Deck - American Wheat Ale
In the hole - AIPA
-
StLBeer - Posts: 1123
- Joined: Mon Apr 09, 2007 1:08 am
- Location: Fenton
by bmock » Wed Sep 07, 2011 4:08 pm
wnordmann wrote:so long as it's for the benefit of all and not for a couple of individuals.
So Hooker and Blow are a yes?
In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women...mang.
mockwerks.blogspot.com
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bmock - Posts: 1443
- Joined: Mon Oct 08, 2007 9:13 am
by StLBeer » Thu Sep 22, 2011 1:43 pm
Kerth wrote:As far as tips go, I earned them giving beer away. I then gave them to the club, Money from a member. Yes/No?
I don't think so. You, not the club, were given tips based on your service, not your beer. What you do with the tips money you earned is your business. If you donate it to the club as a member, I guess that would be member income.
Serving - "Close Enough" Bigfoot Barleywine Clone, JD RIS (jealous?), Hard Apple Cider, American Wheat Ale, Nut Brown Ale, & commercial samples...
Carbonating -
Primary - Belgian Blonde
On Deck - American Wheat Ale
In the hole - AIPA
Carbonating -
Primary - Belgian Blonde
On Deck - American Wheat Ale
In the hole - AIPA
-
StLBeer - Posts: 1123
- Joined: Mon Apr 09, 2007 1:08 am
- Location: Fenton
by Witch Doctor Dale » Thu Sep 22, 2011 1:48 pm
I would not take that line of logic to an audit with the IRS.
- Witch Doctor Dale
- Posts: 1531
- Joined: Fri Jan 12, 2007 5:24 am
- Location: Webster Groves, MO
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