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Bug 661428 - Foundation: Retroactive nonprofit status to save on back taxes?
Summary: Foundation: Retroactive nonprofit status to save on back taxes?
Status: RESOLVED FIXED
Alias: None
Product: Gentoo Foundation
Classification: Unclassified
Component: Filings (show other bugs)
Hardware: All Linux
: Normal normal
Assignee: Gentoo Board of Trustees
URL:
Whiteboard:
Keywords:
Depends on:
Blocks:
 
Reported: 2018-07-17 18:59 UTC by Raymond Jennings
Modified: 2018-07-21 05:43 UTC (History)
1 user (show)

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Description Raymond Jennings 2018-07-17 18:59:02 UTC 
Apologies if this is in the wrong forum, but are there any concerns about taxes owed on past donations, and if so, can the foundation be made retroactively nonprofit or something so that it won't owe any taxes on past donations?
Comment 1 Matthew Thode ( prometheanfire ) archtester Gentoo Infrastructure gentoo-dev Security 2018-07-20 22:07:08 UTC 
We'd have to pay taxes as if it were income iirc.  I don't think we'd get back-status either, we are not planning on it at least, but I think it could be brought up with whoever we hire for this.

closing as questions are answered.
Comment 2 Aaron Bauman (RETIRED) gentoo-dev 2018-07-21 05:04:29 UTC 
The foundation failed to file the proper paperwork after the one year self-declaration period.  Hence, all contributions following that are taxable.  It may be retroactive, but from what I have seen it will not be.
Comment 3 Matthew Thode ( prometheanfire ) archtester Gentoo Infrastructure gentoo-dev Security 2018-07-21 05:43:18 UTC 
the question is answered