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Eagle Ford: Stockdale EDC fails to file IRS forms
The Stockdale Economic Development Corp. (SEDC) has received word that its tax-exempt status might be in jeopardy if the proper paperwork is not filed with the Internal Revenue Service (IRS).
According to SEDC President Frank Bain Jr. after the corporation’s Oct. 8 meeting, the group received a notice in May that two or three forms had not been filed in a timely manner.
Bain explained that the former SEDC directors -- who resigned in October 2011 -- had had paperwork filed by Sherry D. Lambeck, a businesswoman in the community who since was elected as a councilman; she did not charge for her services. Upon receiving the IRS letter in May, Lambeck spoke with the agency to confirm the necessary forms for the SEDC to maintain its tax-exempt status.
The SEDC has contacted MyCue & Brown CPA PC of Seguin to file paperwork to remain in compliance, Bain said.
If the nonprofit status does not remain in force, Bain said, the corporation might have to pay taxes on revenue received, such as sales tax.
Also during the meeting, the directors:
•Were updated about a lease agreement between the SEDC and Fox Chapel Oil Field Services, tenants within the industrial park. When the tenant signs the contract, construction for the Fox Chapel building will begin.
•Heard that a contract for the sale of a 1-acre tract of land to Stockdale Truck Service is currently at the title company for closure.
•Received a progress report on the closure of six to nine oil wells abandoned in the 1970s or early ’80s in the industrial park. The Texas Railroad Commission is scheduled to close the wells this month.
•Heard that underbrush clearing in the industrial park would begin Oct. 10.
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