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IM TRYING TO FIND OUT HOW TO BECOME TAX EXEMPT.I READ SOME USEFUL INFO HERE A WHILE BACK,BUT (SEARCH) DOESN`T SEEM TO WORK.IF ANYONE COULD FIND IT I`D APPRECIATE IT.THANKS
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I believe it is in the old forum. I did not see where it transferred to this forum.
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You might want to try IRS.gov.
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When doing a search .. remember to change the time to "ALL" posts if the info may be old .. an be vague. I just searchef for "tax" and found this .. hope it helps
7 General / General Board / Re: Becoming a 501(c)(3) organization
on: Aug 23rd, 2006, 8:00am
Started by luvthegame | Post by pickledad
I have been looking into this for almost a year myself thinking about whether it is worth the effort. I did download the application, IIRC it was approximately 37 pages, with a 40+ page instruction booklet. This is indeed all stuff you can do yourself, but like many have said, biting the bullet for the attorny to file the Corp docs ($150?), assembling the charter/corp by laws/operating agreement etc is probably another $150 (mostly from templates on file, and utilizing a CPA to make sure it is done right (for the specific purpose) is probably important also.
My attorney and CPA BOTH suggested that I approach a "friendly" similar organization and either ask if we can be a "sub" organization of that one (with separate books for individual books & tax filings), or at the least gawk at their application, articles, etc., to get it right with minimal headaches, anxiety, etc.
Once the rascal is set up it should not be that hard to operate,
1. have occasional documentable meetings with minutes for record
2. keep books for which annual tax filings can be generated and from which audits can be easily conducted
3. DON'T co-mingle corp funds with personal funds (big no-no for integrity of the corp)
It looks and seems daunting to do this, but it does not seem like much more than running a small company once it is accomplished, and there is plenty of inexpensive software for doing that (Quicken, QuickBooks). I have heard it can take 7-12 months but once you file the corp papers, you can do business under the plan without a proble while waiting for approval (assuming approval comes).
Hope I have made this sound "easy". If I could make it sound a little "easier" I would do it myself, LOL. Sounds like the best bet for us "average Joe's" is to find someone with one already set up and, 1. hitch a ride, or, 2. at LEAST "cheat off their test" and use all of their successful info.
8 General / General Board / Re: Becoming a 501(c)(3) organization
on: Aug 21st, 2006, 10:56pm
Started by luvthegame | Post by sdlove
My wife said that it looks like you have everything. Get the Articles of Incorporation first, then file out the SS-4 online w/ the IRS to get the Federal ID #, then any additional forms w/ the IRS for the nonprofit status.
Here's a few additional items she mentioned:
The nonprofit organization has to be in some type of entity recognized by the IRS. The corporation is just the entity type that you will be functioning under. The entity is formed at the state level so fill out the paperwork w/ the Secretary of State. You can do this yourself. The Secretary of State will also issue you a state ID# which will be all that you will need unless you have payroll or start selling items that you will have to collect sales tax on.
The most difficult & time consuming part will be the Form 1023 to fill out w/ the IRS to obtain the certification letter recognizing you as a 501(c)(3) organization. This is a 28 page form - tons of fun to fill out!! Although this isn't a required form if your income is less than $5,000 per calendar year, it's still a good idea to go ahead & do it at the start.
Being a CPA, I'm suppose to say that you should always seek professional advise, but you can do it yourself.
9 General / General Board / Re: Becoming a 501(c)(3) organization
on: Aug 21st, 2006, 9:01pm
Started by luvthegame | Post by sdlove
You will need to contact an attorney 1st so they can set up the corporation. Then you will need to contact a CPA who will file the paperwork for you to be treated as a nonprofit organization (501(c)(3)) along with the SS-4 to obtain the federal ID#. The form to file out for the nonprofit organization is a fairly lengthy form but it really is needed so you can collect donations for the organization without having to pay taxes on the income. The tax return that is filed annually is required depending on the total annual income which I believe is over $25,000 but check with a CPA. The best idea is to contact a CPA & Attorney
7 General / General Board / Re: Becoming a 501(c)(3) organization
on: Aug 23rd, 2006, 8:00am
Started by luvthegame | Post by pickledad
I have been looking into this for almost a year myself thinking about whether it is worth the effort. I did download the application, IIRC it was approximately 37 pages, with a 40+ page instruction booklet. This is indeed all stuff you can do yourself, but like many have said, biting the bullet for the attorny to file the Corp docs ($150?), assembling the charter/corp by laws/operating agreement etc is probably another $150 (mostly from templates on file, and utilizing a CPA to make sure it is done right (for the specific purpose) is probably important also.
My attorney and CPA BOTH suggested that I approach a "friendly" similar organization and either ask if we can be a "sub" organization of that one (with separate books for individual books & tax filings), or at the least gawk at their application, articles, etc., to get it right with minimal headaches, anxiety, etc.
Once the rascal is set up it should not be that hard to operate,
1. have occasional documentable meetings with minutes for record
2. keep books for which annual tax filings can be generated and from which audits can be easily conducted
3. DON'T co-mingle corp funds with personal funds (big no-no for integrity of the corp)
It looks and seems daunting to do this, but it does not seem like much more than running a small company once it is accomplished, and there is plenty of inexpensive software for doing that (Quicken, QuickBooks). I have heard it can take 7-12 months but once you file the corp papers, you can do business under the plan without a proble while waiting for approval (assuming approval comes).
Hope I have made this sound "easy". If I could make it sound a little "easier" I would do it myself, LOL. Sounds like the best bet for us "average Joe's" is to find someone with one already set up and, 1. hitch a ride, or, 2. at LEAST "cheat off their test" and use all of their successful info.
8 General / General Board / Re: Becoming a 501(c)(3) organization
on: Aug 21st, 2006, 10:56pm
Started by luvthegame | Post by sdlove
My wife said that it looks like you have everything. Get the Articles of Incorporation first, then file out the SS-4 online w/ the IRS to get the Federal ID #, then any additional forms w/ the IRS for the nonprofit status.
Here's a few additional items she mentioned:
The nonprofit organization has to be in some type of entity recognized by the IRS. The corporation is just the entity type that you will be functioning under. The entity is formed at the state level so fill out the paperwork w/ the Secretary of State. You can do this yourself. The Secretary of State will also issue you a state ID# which will be all that you will need unless you have payroll or start selling items that you will have to collect sales tax on.
The most difficult & time consuming part will be the Form 1023 to fill out w/ the IRS to obtain the certification letter recognizing you as a 501(c)(3) organization. This is a 28 page form - tons of fun to fill out!! Although this isn't a required form if your income is less than $5,000 per calendar year, it's still a good idea to go ahead & do it at the start.
Being a CPA, I'm suppose to say that you should always seek professional advise, but you can do it yourself.
9 General / General Board / Re: Becoming a 501(c)(3) organization
on: Aug 21st, 2006, 9:01pm
Started by luvthegame | Post by sdlove
You will need to contact an attorney 1st so they can set up the corporation. Then you will need to contact a CPA who will file the paperwork for you to be treated as a nonprofit organization (501(c)(3)) along with the SS-4 to obtain the federal ID#. The form to file out for the nonprofit organization is a fairly lengthy form but it really is needed so you can collect donations for the organization without having to pay taxes on the income. The tax return that is filed annually is required depending on the total annual income which I believe is over $25,000 but check with a CPA. The best idea is to contact a CPA & Attorney
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Thank Bear .. still learning how to use everything .. didn't have time to figure out how to provide the link. The search is a great feature!TheBearMay said:
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THANKS "I LOVE THIS PLACE" 
