nbkj651 Posted September 20, 2005 Share Posted September 20, 2005 Hello, does anyone know if a pack is required to file a tax return as as the result of opening a checking account? Also any experiences in opening an account is also appreciated. Link to comment Share on other sites More sharing options...
Prairie_Scouter Posted September 20, 2005 Share Posted September 20, 2005 Our pack has had bank accounts for years and has never had to file a tax return for them. Not sure where you think the problem might be. Link to comment Share on other sites More sharing options...
EagleInKY Posted September 20, 2005 Share Posted September 20, 2005 A pack is not a legal entity on its own. It is "owned" by its charter organization. If your charter organization is a church, they are tax exempt and do not have to file a tax return. If your charter organization is a business, then they would have to include your income and expenses in its tax return. In either case, a unit would never file a tax return for themselves. Link to comment Share on other sites More sharing options...
anarchist Posted September 20, 2005 Share Posted September 20, 2005 In the goodold days your local home town banker just opened and account and got an address for mailing the statement. Now you will be asked to supply a SSN or an employer tax Id number. If your CO is a non profit or church you will use their number- ask them for the number (and their permission of course). Taxes, if you were chartered to a business or a for profit organization would be reported through their P&L statement...Cub Packs belong to the C.O. your money is their money (so to speak) Link to comment Share on other sites More sharing options...
nbkj651 Posted September 20, 2005 Author Share Posted September 20, 2005 I appreciate the kind responses. I didn't believe we would have but but my Cubmaster was a little nervous about this. I can now assure him that we should not have an issue. Thanks again, Link to comment Share on other sites More sharing options...
Lynda J Posted September 22, 2005 Share Posted September 22, 2005 Our current troop account has been in existence for close to 15 years. It is in both the troops and CO's name. It is registered with their tax ID#. Link to comment Share on other sites More sharing options...
Dunteachin Posted October 14, 2005 Share Posted October 14, 2005 FWIW, NPOs do file a tax return (990), they just don't have to pay taxes. Your Pack is "owned" by your chartered organization and therefore the CO files the return. Your pack should still have its own TIN, but it is associated with the CO, kinda like a subsidiary. Link to comment Share on other sites More sharing options...
fgoodwin Posted October 14, 2005 Share Posted October 14, 2005 Welcome to the Forum, nbkj651! The Sam Houston Area Council website has some good information for units regarding: (1) how to open a checking account (2) how to get a federal tax ID number, and (3) how to request a waiver of Texas state sales taxes The last part may not apply to you if you're not in Texas: http://www.shac.org/Home/DistrictSites/UnitResources/ Hope this helps. Link to comment Share on other sites More sharing options...
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