July 2013 Archives

A Cautionary Tale in Board Service

A group of individuals volunteer for a non-profit Board.  They have monthly meetings and work diligently to further the mission and objectives of the organization.   They are periodically presented with some informal reports regarding the organization’s finances but never see formal financial statements or tax returns.  One day, the Board members receive a letter from the IRS indicating that they are personally liable for taxes owed by the non-profit organization to the U.S. government.

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