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3/5/2012 7:48:24 PM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823636
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Joe,
This has always been a possibility. The answer in my opinion is to: 1. First and foremost, make sure we have a policy in place at the Beach Club to negate paying taxes in the future. 2. Meet and negotiate a lump sum amount to pay the IRS settling all outstanding issues up through the current date and attempt to get a 24 to 36 month pay plan or a reduction for paying all of it at one time. 3. Take money from reserves and pay the bill in accord with any settlement agreement. Given a reading of the original ruling this is not necessarily a surprise. How we move forward now is the critical factor. Ted |
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For reference, the above message is a reply to a message where: The million+ can only come from one place -- association members. The board will either issue a one-time special assessment of about $120, or take it from reserves (most likely). Either way, $120 is going to the IRS from every association member. |
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