Printing and Imaging Association of Georgia

PART X, LINE 2:

“The association is exempt from taxation as a not-for-profit organization under section 501(c)(6) of the internal revenue code. The foundation is exempt from taxation as a not-for-profit organization under section 501(c)(3) of the internal revenue code. The association and foundation are required to file federal form 990 return of organization exempt from income tax which is an information return only. The association and foundation are also subject to income tax on any unrelated business taxable income. The agency files separate corporate federal, state, and local income tax returns as a c-corporation. Deferred income taxes reflect the tax effects of temporary differences between financial and taxable income and are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. As of december 31, 2017, there were no significant temporary differences between financial and taxable income. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the organization and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the organization, and has concluded that as of december 31, 2019 and 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying consolidated financial statements. The organization has filed its federal and state income tax returns for periods through december 31, 2017 and is subject to routine audits by taxing jurisdictions. However, as of the date the consolidated financial statements were available to be issued, there were no audits for any tax periods in progress. These income tax returns are generally open to examination by the relevant taxing authorities for a period of three years from the later of the date the return was filed or its due date (including approved extensions).”