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Start a NFP and have the Government Pay Your Taxes!
This is my site Written by Neil Palmquist on November 3, 2009 – 12:33 pm

A consultant friend needed assistance and asked me to coffee recently…  It turns out that this particular coffee topic wasn’t going to be about a client or new project pending, but rather his own financial turmoil.  One of his business ventures (not his consultancy) had found itself well behind the eight ball with Uncle Sam due to some negligence on the part of his Accountant.  …Long story short, my consultant friend finds himself nearing retirement age with a declared bankruptcy.  He wanted my thoughts on the best way out.

Now, before I proceed I should probably let all you new readers know that I am a strong supporter of fiscal conservatism…  I don’t like big government.  I don’t like taxes… and I don’t like to see a business owner’s life fall apart because Big Brother feels they deserve to be paid before a company’s employees.  This is a man I wanted to help… and I didn’t want the money coming out of his own pocket for another’s mishap.  So, where should it come from?  …My answer: “Let’s make the government pay themselves back.”

Here was my thought process…  My friend was a business consultant with a for-profit consultancy.  He is paid by his clients, must then pay “Uncle Sam”, and then with his after tax proceeds pay “Uncle Sam” again to repay on the past error.  As you can imagine, this doesn’t leave much for a consultant themselves to prepare for retirement and/or rebuild their life after our economic collapse.

My thought process was for my friend, the consultant, to restructure as a Not For Profit organization that either gave his services away for free and/or at substantially reduced rates to a government “favored” target market.  My friend could then seek government grants and/or engage this new entity in fund-raising to generate the revenues that support the entity and provide his income.  Mind you, my friend would still be able to tier his consulting practices so that he still did work on select projects through his For Profit consultancy.  However, he would manage the Not For Profit with the clear mindset and purpose of using the venture to repay his back taxes…

The clients benefit with lower to no out of pocket expenses, our local economy will benefit from the access to such a gentleman, and my friend can maintain his quality of life and begin rebuilding for the future because he has set up a new business entity, the Not For Profit, whose sole purpose is to generate the funds necessary to repay “Uncle Sam” and it’s life destroying shackles.

If he enjoys the new structure, he can continue to grow and expand the venture, grant and fundraising activities beyond what is necessary to cover his back taxes and actually derive a livelihood.  The choice is, but that is the point…  This strategy helps return his life to being his choice… and not just an indentured servant to the IRS.

Perhaps some similar thought process can help you with your ambitions…  I hope so.  Good luck.

40 Responses »

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