<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by volunteer:
I have just taken over as treasurer of my daughter's swim team. They are not for profit but not tax exempt. No taxes have been filed for 98 or 99. Net income was approx $9,000 in 98 but there was a net loss of $11,000 in 99. I have calculated the tax for 98 - is there any way to offset 98 taxes by the 99 loss? Should I send in the 98 tax amount and try to calculate a penalty and interest or wait for the IRS to contact us? I would appreciate any help I could get - thanks!<HR></BLOCKQUOTE>
My response:
er, isn't it time for a CPA?
IAAL
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