Saturday, June 23, 2012

LISTEN UP, GAMBLERS

Illinois Governor Pat Quinn has a bill on his desk that will expand gambling. The sponsor of the measure predicts this could raise between $300 million to over $1 billion for the state each year in addition to sales tax revenue from spin-offs -- serious money for a cash-strapped state. The Governor says he plans to veto the bill. He’s Catholic; he’s familiar with the sin of bingo. However, he gambles every January when he proposes a state budget that doesn't include enough revenue to provide for the level of services we need. The organizations that provide the education, healthcare and human services also gamble that they might be paid in 18 months!

Times are tough and we don't want them to become any tougher. So, for those of you who host gaming-related fundraising events, you might want to turn to a higher authority for some guidance, too. 

On July 18 the IRS is offering a phone conference on exempt organizations and gaming. Their Exempt Organizations specialists will lead a discussion on six gaming topics: The impact of gaming on tax-exempt status, internal controls and recordkeeping, Form 990 filing requirements, unrelated business income tax, filing requirements for payments made to individuals and wagering/excise taxes. This is part of the IRS’ on-line educational programs available at www.stayexempt.irs.gov 

2 Comments:

At October 14, 2014 at 5:57 AM , Blogger Alistar Johnson said...

Instead of gambling and wasting your money, why not fundraise

 
At October 30, 2014 at 6:10 AM , Blogger Alistar Johnson said...

fundraising can cbe very rewarding with the right technique, whereas gambling, most likely is going to make you feel bad when you loose your money. When donating you are not loosing your money, instead you're giving it to a worthwhile cause. Gambling is NOT a worthwhile cause.

 

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