interesting reading

R Brown · 01-21-2011, 08:45 AM

http://www.capdale.com/Drag-Racing-Assoc....iny-01-20-2011/

treessavoy · 01-21-2011, 05:41 PM

Hot Dam! This will be interesting!

JimR

lstanford · 01-22-2011, 10:02 AM

Quote:

Originally Posted by treessavoy

Hot Dam! This will be interesting!

JimR

Not really. The NHRA is non profit because all of the profit is distributed to the officers and workers. They pay the income taxes based on their individual situation. The IRS is only interested in collecting taxes and they will investigate to make sure all of the taxes have been paid. I'm sure the NHRA is using excellent tax accountants and attorneys. The IRS is like the police, they must investigate any complaint. Don't hold your breath for anything to change with the NHRA. Just my 2 cents.

Randall Klein · 01-22-2011, 11:39 AM

Enron had excellent lawyers and a now defunct national accounting firm helping them right into obivilon

John Lang · 01-22-2011, 11:51 AM

Theres an old saying, Becareful what you wish for ! We might not have a place to race at other than IHRA, which would be alright too, I just happen to like NHRA !..........John

novassdude · 01-22-2011, 12:27 PM

I had seen that they were investigated before and passed. But I think this time their attempt to sell it off as a business (with them still staying and running it) Is the thing that will bring them down. With any luck it will bring down the players and not the organization.

Alan Roehrich · 01-22-2011, 12:38 PM

Quote:

Originally Posted by FECARMAN

Not really. The NHRA is non profit because all of the profit is distributed to the officers and workers. They pay the income taxes based on their individual situation. The IRS is only interested in collecting taxes and they will investigate to make sure all of the taxes have been paid. I'm sure the NHRA is using excellent tax accountants and attorneys. The IRS is like the police, they must investigate any complaint. Don't hold your breath for anything to change with the NHRA. Just my 2 cents.

That has no bearing at all on what makes an entity a non profit.

If that was the definition of a non profit, my own business could qualify to be a non profit. I'm betting the IRS would laugh in my face as they took every thing I ever had.

01-21-2011, 08:45 AM	#1
R Brown Junior Member Join Date: Jun 2010 Location: Mt. Waashington, Ky. Posts: 28 Likes: 0 Liked 0 Times in 0 Posts	interesting reading http://www.capdale.com/Drag-Racing-Assoc....iny-01-20-2011/

01-21-2011, 05:41 PM	#2
treessavoy VIP Member Join Date: Feb 2009 Location: Dunnellon,FL Posts: 1,103 Likes: 0 Liked 4 Times in 4 Posts	Re: interesting reading Hot Dam! This will be interesting! JimR __________________ Jim Rountree

01-22-2011, 11:39 AM	#4
Randall Klein Senior Member Join Date: Dec 2002 Location: Lincoln, Nebraska Posts: 785 Likes: 45 Liked 316 Times in 67 Posts	Re: interesting reading Enron had excellent lawyers and a now defunct national accounting firm helping them right into obivilon

01-22-2011, 11:51 AM	#5
John Lang Member Join Date: Oct 2003 Location: Sheboygan Wi Posts: 391 Likes: 0 Liked 6 Times in 2 Posts	Re: interesting reading Theres an old saying, Becareful what you wish for ! We might not have a place to race at other than IHRA, which would be alright too, I just happen to like NHRA !..........John __________________ John Lang 365 STK, SS

01-22-2011, 12:27 PM	#6
novassdude Senior Member Join Date: Mar 2002 Location: usa Posts: 752 Likes: 204 Liked 136 Times in 49 Posts	Re: interesting reading I had seen that they were investigated before and passed. But I think this time their attempt to sell it off as a business (with them still staying and running it) Is the thing that will bring them down. With any luck it will bring down the players and not the organization.