CLASS RACER FORUM - The IRS and NHRA, you gotta see this.

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Re: The IRS and NHRA, you gotta see this.

I am for that, an "Enema Out The Door"

Re: The IRS and NHRA, you gotta see this.

I love how their only response is we were granted tax exemption years ago. They seem to think that allows them to do anything they want and all is good because the IRS Ok’ed them in the 50’s. They are a far cry from what they were doing in the 50’s when they got the exemption.

Re: The IRS and NHRA, you gotta see this.

I have, for the last few years, hoped and prayed that "60 Minutes" would get wind of what goes on at NHRA and do an expose'.... Maybe with all this media attention, it could actually happen..

And, then I woke up....

Re: The IRS and NHRA, you gotta see this.

In any of the Tax returns has any picked up if NHRA is showing as Income or it value the Free Cars, Trucks, Trailers, Motorcycles, and any other products (radios & ect)? Next question is do they (NHRA) issue 1099 to the employess that have use of the vehicles (Cars & Trucks) ???????????????

Quote:

Originally Posted by Greg Hill (Post 237172)

This thing is not going away. It is being picked by the mainstream media in a big way. Google NHRA and IRS and you will find out that the AP has picked this story up and it's all over the place. Some of the media outlets that are running the story are LA Times, San Jose Mercury, Amarillo Globe News, Indianapolis NBC affiliate, CNBC, San Diego Union Tribune, CBS Sports.com, Washington Times, Coos Bay World, ESPN.com,Charlotte Observer, Fox Sports.com, newser.com, Minneapolis-St.Paul Star Tribune, Forbes Magazine. How long will it be before some enterprising reporter really digs into this and finds out what the scoop is? This is really going to get interesting.

Re: The IRS and NHRA, you gotta see this.

If NHRA is a "not for profit" Organization, then aren't the entry fees and enhancements tax deductable?

Re: The IRS and NHRA, you gotta see this.

Quote:

Originally Posted by CycloneFE (Post 237820)

If NHRA is a "not for profit" Organization, then aren't the entry fees and enhancements tax deductable?

LOL. nhra is definetly not a charitable organization.

Re: The IRS and NHRA, you gotta see this.

Good article in the Las Vegas Journal Review by Jeff Wolf on this very subject. He calls for Gardner and Compton to resign and put the interests of racers ahead of their own financial interests.

Re: The IRS and NHRA, you gotta see this.

Not really sure what will happen but it definately is not gonna go away if you read the news articles---But we shall see--Comp

Re: The IRS and NHRA, you gotta see this.