Fort Walton Beach Council agenda — 10-24-2006 ‎(regular)‎ — reading text

You your employees during a calendar year. or to each of are more you pay Act ( FUTA). not liable for the tax imposed under the Federal Unemployment Tax Since not foundation, not subject to the excise you are a private you are taxes under Chapter 42 of the Code. However, you are automatically exempt not from other federal excise taxes. If you have any questions about excise, employment, or other federal taxes, please let us know. this determination unless the Grantors and contributors may rely on notice to the contrary. However, if you Internal Revenue Service publishes lose your section S09( a)( 2) status, a grantor or contributor may not rely on this determination if he or she was in part responsible for, or was aware of, the act or failure to act, or the substantial or material change on the he or in loss of such status, or if part of the organization that resulted your she acquired knowledge that the Internal Revenue Service had given notice that you would no longer be classified as a section S09( a)( 2) organization. in section 170 of the Donors may deduct contributions to you as provided Letter 947 ( DO/ CG)  2- HIGHSTEPPERS INC Code. Bequests, legacies, devises, transfers, or gifts to you or for your use are deductible for federal estate and gift tax purposes if they meet the applicable provisions of Code sections 2055, 2106, and 2522. Contribution deductions are allowable to donors only to the extent that their contributions gifts, are with no consideration received. Ticket pur- with fundraising events may not chases and similar payments in conjunction necessarily qualify as deductible contributions, depending on the circum- stances. See Revenue Ruling published in Cumulative Bulletin 1967- 2, 67- 246, on page 104, which sets forth guidelines regarding the deductibility, as chari- table contributions, of payments made by taxpayers for admission to or other participation in fundraising activities for charity. In the heading of this letter we have indicated whether you must file Form 990, Return of Organization Exempt From Income Tax~ If Yes is indicated, you are required to file Form 990 only if your gross receipts each year are normally more than ~ 25, 000. However, if you receive a Form 990 package in the mail, please file the return even if you do not exceed the gross receipts test. If you are not required to file, simply attach the label provided, check the box in the heading to indicate that your annual gross receipts are normally 25, 000 or less, and sign the return. If a return is by the 15th day of the fifth required, it must be filed month after the end of your annual accounting period. A penalty of ~ 10 a day is when return is filed late, unless there is reasonable cause for charged a the maximum cannot exceed $ 5, 000 or 5 per- the delay. However, penalty charged cent of your gross receipts for the year, whichever is less. This penalty may also be charged if a return is not complete, so please be sure your return is complete before you file it. You are not required to file federal income tax returns unless you are subject to the tax on unrelated business income under section 511 of the Code. If are subject to this tax, you must file an income tax return on Form you 990- T, Business Income Tax Return. In this letter we are Exempt Organization not determining whether any of your present or proposed activities are unre- lated trade or business as defined in section 513 of the Code. You need an employer identification number even if you have no employees. If employer identification number was not an entered on your application, a advised of it. Please use that number will be assigned to you and you will be number on all returns file and in all correspondence with the Internal you Revenue Service. If we have indicated in the heading of this letter that an addendum applies, the enclosed addendum is an integral part of this letter. Because this letter could help resolve any questions about your exempt status and foundation status, you should keep it in your permanent records. Letter 947 ( DO/ CG)  3- HIGHSTEPPERS INC If you have any questions, please contact the person whose name and telephone number are shown in the heading of this letter. Sincerely yours, t,y,.., z:. 4# '; 1("-:~~/ ... 1/ . ~.. fI.,.,?:/. 7'V, i4/ District Director Enclosul"e( s) : Addendum Letter 947 ( DO/ CG)  4- HIGHSTEPPERS INC You required to make available for public inspection a copy of your are exemption application, and supporting documents, and this exemption letter. If you are required to file an annual information return, you are also for required to make a copy of the return available for public inspection three after the return is due. Failure to make these documents available years for public inspection may subject you to a penalty of $ 10 per day for each day there is a failure to comply ( up to a maximum of $ 5, 000 in the case of an annual return). See Internal Revenue Service Notice 88- 120, 1988- 2 C. B. 454, for additional information. Guidelines under which private foundations may rely on this and contributions made after March 13, 1989, determination, for gifts, grants, Rev. Proc. 89- 23, Cumulative Bulletin 1989- 1, were liberalized and published in page 844.