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

My business has been through two IRS audits. Takes up time, but they found nothing.

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

Ed --in our case the with the IRS it was a matter of interpretation of a rule---the 1st agent I had said no and his superior who was a road racer(SCCA) understood my thoughts on the deductions and was more than sympathetic to me in reaching a fair and equitable decision.In the end I paid a small additional amount of tax (about $90) and I was good to go... Never had a problem with using/claiming that deduction again

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

One of the "issues" that might pop-up during an audit is the "insurance surcharge" they hang on every competitor at National Events.
Here are the potential problems with it:

Is NHRA acting as an "Insurance Agent" forcing members to pay for so-called "premium increases" in participant insurance coverages? Are they a licensed Agent in every state?
Has anyone every seen what the insurance premium costs for a National Event?
Has anyone ever seen the "increase for 2011" in the form of a written rate increase?
If we are being assessed approximately $155 in "insurance fees" ($65 for years and now $95, right?) per entry and there are 500 sportsman entries... do you really think an insurance policy for one event can actually cost $77,500.00?!! That is what NHRA is claiming are "insurance surcharge fees" if I read my National Event entry forms correctly.

The lawsuit that could end NHRA could be the IRS audit, the one issue that is laying back there in the weeds is the "excessive fees charged to members of the organization" in the name of increased insurance premium fees per event.
Maybe someone from Wells Fargo can show us the actual Policy we are all paying for and the terms, coverages and premium for that Policy?

When the **** hits that fan....it could involve paying back thousands of racers for an "intentional overcharge" under the disguise of an insurance cost increase.

If that happens, NHRA will become a different deal, which it needs to. Needs to be run FOR ITS MEMBERS, TO BENEFIT THE SPORT.
I just don't think people are going to stand by and watch their hard-earned money get misused in today's world like they did when their expendable money was a little easier to come by.

Either things will start to change or we will all just ignore what "our organization" is doing to us in the name of more profits while ignoring the expenses they are charging us all.

Jok

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

Quote:

Originally Posted by Gary Smith (Post 234607)

Statistics prove that any successful organization is always run by someone who truly loves and believes in the product/service they're providing. They reap the monetary rewards when their customers/clients are happy. But those who are motivated by money first, then the product/service suffers, ultimately driving away customers through dissatisfaction and sometimes animosity. All three of the top brass (Light, Gardner, and Compton) are about the money/opportunities over the love of what they do. The NHRA is a sick train and has been running on borrowed time and will derail unless someone knows how to turn it around.

I agree totally, Wally Parks they ain't... but since the influx of the big "corporate" dollars, the grassroots sportsman racer has almost always been considered at the end of a line of other's more expensive priorities.

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

Quote:

Originally Posted by Toby Lang (Post 234440)

Part of the complaint says that the NHRA compensation arrangements may be excessive.....

could it be possible that the anonymous client has the initials BN? :)

-Toby

Curious minds want to know, Who Is "BN"??

let us all in

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

Quote:

Originally Posted by Larry Fulton (Post 234647)

Curious minds want to know, Who Is "BN"??

let us all in

Billy Nees? :eek::D Just kidding. I dunno.

Don

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

Funny thought.How did the Feds nail Al Capone? Income taxes.Today they'de get him under the RICO Act.The Glendora Gang are bordering on association with some real shady characters.

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

Quote:

Originally Posted by Larry Fulton (Post 234647)

Curious minds want to know, Who Is "BN"??

let us all in

Bruce Noland?

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

Wonder when the pros and the sponsors are going to find out about this? There is an article in the Washington examiner.com today, an online Washington DC paper. I guess you really can't call it a paper. How do you all think the pros are going to feel about this?

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

Quote:

Originally Posted by Greg Hill (Post 234677)

They have been drinking the Kool Aid for years.