Sussex County Chamber of Commerce Inc

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“The chamber is an approved charitable, nonprofit organization exempt from federal income taxation under section 501(c)(6) of the internal revenue code. The chamber is an exempt entity under title 15 of the state of new jersey, corporations and associations not-for-profit act. Accordingly, no provision for federal or state income tax has been presented in the accompanying financial statements. Management has stated that all required tax returns will be filed and applicable taxes paid in a timely manner. The chamber follows the provisions of fasb accounting standards codification, income taxes. The standard prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition as they relate to those tax positions. The chamber does not expect a significant increase or decrease to the total amounts of unrecognized tax positions during the fiscal year ended december 31, 2013. However, the chamber is subject to regular audit by tax authorities, including a review of its nonprofit status, which the chamber believes would be upheld upon examination. The chamber believes that it has appropriate support for the positions taken on its tax returns. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. As required by law, the chamber files informational tax returns with the internal revenue service on an annual basis - form 990. The chamber also files information returns with the new jersey state department of revenue on an annual basis - form cri-300r. These returns are subject to examination by these authorities within three years from the latest filing date for federal and four years from the latest filing date for new jersey.”