The IRS and NHRA, you gotta see this.

[Ed Wright]

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

[FED 387]

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

[Marvin Robinson]

Originally Posted by Gary Smith

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.

[FED 387]

I don't know if any of you have ever been thru an IRS audit but I have both personally and business wise---let me tell you "it ain't fun"---very very time consuming and believe me when they are finished they are gonna find "something" no matter how inconsequential it may seem to you it will not be overlooked and make their interpretation of it. I cannot begin to imagine what the IRS is gonna put a large operation like the NHRA thru in examining all of the expenses,deductions etc. and they are going to want straight answers then look at precedents that have been either allowed or disallowed in the past and before they then make a ruling on what they find-----As far as whistleblowers I am quite confidant that this law firm (Capland) is not just petitioning the IRS to come across as a bunch of jerks or to be vindictive in this case but they obviously have what they feel is "concrete information" regarding things that have been done in the past OR are continuing to be done that are not to be conducted or allowed under the guidelines set forth by the IRS regarding Non Profit entities.This lawfirm does/sees things like this everyday that's their business so I'm quite confidant that they feel that they have a "real good case" going forward otherwise they would not have taken the case or written their letter to the IRS. This is going to play out over a long period of time perhaps 6 months to a year or more before any final decision as to what the NHRA did wrong,what steps need to be taken to make sure that this does not occur in the future and finally whatever penalties are to be assessed either monetarily or whatever else they deem necessary. So do not try to 2nd guess what is going on here just settle in and go along for the long ride because this is gonna take some time to investigate. Comp

[Larry Fulton]

Originally Posted by Toby Lang

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

[Dgal]

Originally Posted by Larry Fulton

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

let us all in

Billy Nees? Just kidding. I dunno.

Don

[Ed Fernandez]

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.

[Ed Wright]

Originally Posted by Larry Fulton

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

let us all in

Bruce Noland?

[Greg Hill]

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?

[mjacquesjr]

Originally Posted by Greg Hill

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?

They have been drinking the Kool Aid for years.