Date: June 01, 2018 02:34AM
The IRS should give the church this alternative. They would get to pick either one: 1.) Give up their tax empt status, or 2.) Start filing the same financial forms that a public company must file. Their financial statements should all be constructed using 'Generally Accepted Accounting Practices' (GAAP) as are defined by the Financial Accounting Standards Board (FASB). If they are given any leeway at all to decide what they want to disclose, they will publish some little thing that looks real, but that still hides their darkest secrets. If they are forced to use GAAP rules, there is no gray area. If they leave anything critical out, someone goes to prison for fraud. I recently found forms on the IRS website that anyone can fill out and turn in to the IRS if they suspect abuse of any organization's tax free status.