The DU Lounge

I.e., has it been formally incorporated, filed as a partnership or limited liability company, or is it a foundation, trust, or other entity? Does it have shareholders, members, a trustee, etc.? Is there an ownership structure for the organization?

Or is this basically just an informal arrangement like friends chipping in to pay for dinner at a restaurant, perhaps on a slightly larger scale?

If it's a formal entity, you probably need to file at least some kind of annual report with your state and/or the IRS. Even if no taxes are due, there might be a small fine for failure to file.

If it's just friends chipping in, you may not need to. Might be best to ask a CPA to be sure.

That's just imho, based on a little amateur experience with nonprofit activities.

That said, I also agree that if you're under the radar, you may be able to just stay that way. (Note that if the US ever switches to a digital currency, staying under the radar will no longer be possible.)