4.6.1 - Financials
With there being only 3 working days into this month, the staff has not been able to prepare the Statement of Financial Position or the Statement of Financial Activities reports through the end of October.
Here is a link to the reports up to September 30, 2020.
Meanwhile, we received a penalty notice from the IRS this past month. The penalty is for filing our June 2018 990 forms late (Jan 10, 2020, filed, May 22, 2019, due). The total penalty is $4931.97.
Here is the timeline via emails:
Here is a link to the reports up to September 30, 2020.
Meanwhile, we received a penalty notice from the IRS this past month. The penalty is for filing our June 2018 990 forms late (Jan 10, 2020, filed, May 22, 2019, due). The total penalty is $4931.97.
Here is the timeline via emails:
- 5/14/19 - Accountant emailed AIBD us know the 5/15 deadline has been extended to 5/22 and asked that all financial files be sent asap to begin.
- 5/21/19 - AIBD replied and the accountant stated, "We will complete the returns asap."
- 5/22/19 - Accountant emailed AIBD asking for missing information.
- 5/22/19 - AIBD replied and the accountant confirmed receipt.
- 6/3/19 - AIBD inquired about the status of the returns, we were told the person working on them was on vacation.
- 9/17/19 - AIBD inquired again.
- 9/23/19 - Accountant emails and states, "We have just finished the tax returns and will ship this week." Also, "The fines should be about $20 per month and I can discount your invoice for a portion of the fines. We did not receive the information in time to file on time but we should have had them completed sooner than now."
- 1/10/20 - The June 2018 returns are files (per the IRS).
- 10/22/19 - Accountant emailed AIBD about the dissolution of the DC corporation.
- 8/19/20 - The IRS sends a notification about the penalty.
- 10/16/20 - The notification is received from the DC address.
- 10/19/20 - AIBD contacts the accountant by phone. Meanwhile, it is discovered that the June 2019 990 returns still have not been filed either (due May 15, 2020).
- 10/20/20 - Steve Mickley signs the authorization form to file online.
- 10/21/20 - The accountant files June 2019 returns.
- 10/22/20 - AIBD Signs a power of attorney for the accountant to represent us to the IRS.
- 10/26/20 - The accountant confirmed the POA was faxed to the IRS and said it could take 5 business days for it to be registered as received (Nov 2nd).
When it was discovered that the June 2019 returns had not been filed, the following research was done.
- 5/19/20 - AIBD Sent all the financial documents to the accountant.
- 5/21/20 - The accountant submitted a list of questions.
- 5/21/20 - AIBD responded to the quesitons.
- 5/26/20 - The accountant requested an incorrect Statement of Activities be corrected and resent.
- 5/26/20 - AIBD corrected the SOA and resent it.
- 6/1/20 - The accountant asked AIBD to confirm the list of Directors and Officers.
- 6/1/20 - AIBD replied with the confirmation and corrections.
- 6/10/20 - AIBD emailed the accountant to inquire about the progress.
- 6/10/20 - The accountant replied, "Bought a house and was moving. I believe I have everything I need from you but I will reach out this week if I have any additional questions."
No further communication on the topic until it was learned by contacting the IRS that the returns had not been filed.