<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=us-ascii"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:"Lucida Calligraphy";
panose-1:3 1 1 1 1 1 1 1 1 1;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri",sans-serif;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal>Whit –<o:p></o:p></p><p class=MsoNormal>There is a problem in the recent Newsletter with the way you worded the benefits given to the Secretary, Treasurer, and Communications Officer. These are not paid positions as are the Steward and dockhands whose salaries, wages and tips are reported to the IRS as taxable income. The IRS is very particular about how certain words are used, and the word “compensated” is one of them. Those three officer positions are NOT compensated, nor are they paid. To publicly say they are either compensated or paid opens a can of worms with the IRS that we definitely do not want to get into. The IRS interprets the words “compensated” and “paid” to mean “taxable income”. I realize that you have probably not had to deal much with the IRS and that the wording you used was not intended to cause trouble, but it needs to be restated:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><i>The Secretary, Treasurer and Communications Officer are volunteer positions filled by club members. In appreciation of their service, their dues are waived. They are also given a stipend, the amount of which is determined by the Board of Directors, to reimburse the various and sundry expenses they incur in fulfilling their duties. <o:p></o:p></i></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Please modify the newsletter immediately to reflect proper wording. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thank you,<o:p></o:p></p><p class=MsoNormal><b><span style='font-size:12.0pt;font-family:"Lucida Calligraphy"'>Doyle Skeels, Treasurer<o:p></o:p></span></b></p><p class=MsoNormal>Portsmouth Yacht Club<o:p></o:p></p><p class=MsoNormal>(603) 661-6269<o:p></o:p></p><p class=MsoNormal><a href="mailto:treasurer@portsmouthyc.org">treasurer@portsmouthyc.org</a> <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>