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Late Winter 2016 11 By Sheila Feno-Willett VAST Finance HR Manager Tax Filings Low and behold tax season is upon us once again To stay compliant and not lose your filing status with the State of Vermont you must file an Annual or Biennial Report on the 15th of the third month following your clubs fiscal year end. In order to stay compliant with the IRS your club must file a 990 990EZ or a 990N also known as 990 E-Postcard. Even if your club has not recognized a financial gain you must file by the 15th of the fifth month following the fiscal year end for your club. Should you become terminated or inactive for either of these there is a process and fees associated with gaining an active status again. If you are unsure about when you must file or what you must file you should converse with a tax accountant. Compliance We have contracted with Graham Graham PC to put together a compliance packet for us to provide to the clubs to ensure that your clubs tax status is in good standing with the State of Vermont and IRS requirements. When they are finished you will have a complete packet to follow to become compliant and stay compliant. Automatic Clearing House Thanks to everyone who has completed the Automatic Clearing House ACH Debit Authorization form authorizing us to electronically deposit funds into your accounts. We have utilized this feature with our new banking provider for a couple of months now. It is going very smoothly and has taken off without a glitch The ones who have enrolled in this program are enjoying the ease of having their payments directly deposited into their checking accounts in a timely manner. We have also had a couple of clubs 800 639-6290 802 878-5052 Tuesday-Friday 9 am to 6 pm Saturday 9 am to 4 pm Sunday MondayGone RidingL A N D A I R V T . C O ML A N D A I R V T . C O M who are enjoying the simplicity of paying their invoices to VAST electronically. With a simple email from the president or secretary requesting an invoice payment we process it at this end and it comes directly out of the account. The request from the club president or secretary is mandatory and authorizes VAST to withdraw the funds. TMAs It seems that the new simplified structure for this season has made the process of selling TMAs and reconciling them easier for all involved. We have received a few suggestions for tweaking the TMA forms for FY17. Please send in all sold and unsold TMAs that you currently have. We need all of the TMAs that have been sold submitted at the end of each month. This is the only way that we can project budget numbers for the following fiscal year. AUTOMATIC CLEARING HOUSE ACH TMAS TAX FILINGS VAST News