no tax implication
The exemption limit is now $12,000 before any gift taxes are considered. Anyone of us can give up to $12k to both Sam and Adele before gift taxes need to be declared and paid. So Sam if you are not running BT3Central as an incorporated business then I don't think you should be treating the annual fund drive as income. You should question your accountant on this.
The exemption limit is now $12,000 before any gift taxes are considered. Anyone of us can give up to $12k to both Sam and Adele before gift taxes need to be declared and paid. So Sam if you are not running BT3Central as an incorporated business then I don't think you should be treating the annual fund drive as income. You should question your accountant on this.
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