Workmoney Inc

PART X, LINE 2:

“The internal revenue service (irs) has determined that the organization is described in section 501(c)(4) of the code and, accordingly, is generally exempt from federal income taxes under the provision of section 501(a) of the code. However, certain activities not directly related to the organization's tax-exempt purposes are not exempt and are subject to federal income taxes. The organization has not recorded a provision for income taxes as any unrelated business income tax would be immaterial. Workmoney, inc.'s wholly owned subsidiary, workmoney media is a profit-seeking corporation and is subject to federal and state income taxes. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The organization recognizes the tax benefit from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The organization recognizes interest and penalties, if any, related to income tax matters in federal tax expense. The organization had unrecognized tax benefits of $232,090 at december 31, 2024, and no unrecognized tax benefits at december 31, 2023. The organization files an exempt organization return with the u.s. Federal and wisconsin jurisdictions.”