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3/6/2012 6:17:41 PM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823832
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If this mess started ten or more years ago we should have just paid the taxes annually and filed an appeal with the IRS, if we won they would have given the money back and if we lost the taxes would be current having been paid out of annual revenues from the passes.
Way too simplistic. Had the board increased the assessment to cover future potential tax payments, people would have screamed bloody murder. I prefer paying now. Had OPA won I still have my $120; had the money been collected up front and OPA won, does anyone think the money would be refunded to association members? |
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For reference, the above message is a reply to a message where: Oh well, we lost, no suprise, when was the last time we won a court case? A million here, a million there, pretty soon you're talking about real money. I have read through all 68 comments and here's my take. First, using PWC was a good business decision, they are a top flight firm and Mr Gomasak's previous employment there is not an issue. I doubt if there is any liability on the part of the accountants or lawyers, they gave an opinion and they were wrong, happens in business every day that's why it's called an "opinion" not a guarantee. I agree that we need to offer passes to the public to avoid future problems but we need to be careful of the premium we charge over association members, if it's too high the IRS could claim it's a sham to avoid taxes. Maybe we need to revisit the million we are going to spend on golf greens now that we need to pay the IRS the same amount. If this mess started ten or more years ago we should have just paid the taxes annually and filed an appeal with the IRS, if we won they would have given the money back and if we lost the taxes would be current having been paid out of annual revenues from the passes. I know, Monday morning quarterbacking but these are the kind of things a board must consider, that's why we elect them. Lastly limiting the number of passes sold to the number of spaces in the lot would be a disaster, can you imagine the uproar from members that were denied a pass? On the issue of unpaid assessment, if they are at least a year past due file suit today in county court, get a judgement and force a sheriff sale, when notices of the sale get glued to the front door I bet you will see some action. I bet we could find a young lawyer that would do it on a contingency basis, maybe a third of everything collected. |
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