Mormon Church Tax Trouble?

[Number Six]

This story hit recently on the Mormon Church and possible tax cheating: https://www.cnn.com/2019/12/18/us/latte ... index.html

Does any professional want to project a likely outcome in this? A politically well connected church may not have to be in compliance like lesser ones?

[Jeffrey]

Churches are tax exempt so I don’t see what the problem is.

[Judge Roy Bean]

Tax law isn't my thing, but methinks the whistleblower may also be an axegrinder.

[NYGman]

Tax law isn't my thing, but methinks the whistleblower may also be an axegrinder.

It's their retirement fund.

[Dark Optimist]

Per a report on NPR the other day, there is a separate legal entity that was set up as an investment fund of some kind. It has accumulated around $100 billion of assets.

The report said there may be an issue that the fund should have been making charitable contributions or using the funds for charitable purposes, but has not been dispersing funds.

I don't know enough about private foundation, charitable trusts, etc. to know if there is potential exposure for excise taxes if the fund has not been dispersing funds as required.

[Number Six]

With tax avoidance schemes by "churches" and their charities, there usually are some serious professionals in and out of the tax agencies to hold them accountable, at least trying to. But some churches have extensive tentacles throughout the establishment, so you wonder if there are smoking guns, whether the Mormon churches potential evaders would be held accountable.

[Jeffrey]

I’ll take a fact check on it but I always assumed there was no requirement for spending funds on charitable activities. They’re free to accumulate money.