Income/Expenses Of Local Daycare Associations

[jonicurry]

My friend started a local daycare association this year, and it got me to thinking - who claims the income & expenses of a daycare association? We have several local associations around here, and none of them are non-profits. But I think they all have their own bank accounts.

[TomCopeland]

association taxes

My friend started a local daycare association this year, and it got me to thinking - who claims the income & expenses of a daycare association? We have several local associations around here, and none of them are non-profits. But I think they all have their own bank accounts.

A fcc associations should be filing an annual IRS Form 990. If the bank account is in the name of an individual, that individual may owe taxes on the income. If the bank account is in the name of the association, it's unlikely the association will owe any taxes. See my article: http://tomcopelandblog.com/family-ch...90-is-may-15th

[jonicurry]

Thank you Tom!