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FAQ

How do you convert a 501(c)(3) nonprofit into a for-profit, such as an LLC?
Converting your 501(c)(3) nonprofit into a for-profit organization may help it obtain loans or connections that allow it to continue to serve the community. Because a non-profit is not owned by individuals, it cannot simply convert into a for-profit business. If you no longer want to operate as a nonprofit, you must dissolve the organization and form a new corporation. Although your 501(c)(3)’s tax exempt status was originally conferred upon it by the IRS, conversion requires five steps.First, I would encourage you to meet with a tax lawyer so she or he can review your previous returns and analyze your current tax situation. I say this because you would not want to convert your 501(c)(3) only to find out that you would be better off keeping your tax-exempt status.Second, have the 501(c)(3)’s board of directors meet and vote to dissolve the 501(c)(3) after a meeting in which you all discuss the upsides and downsides of the proposal. Report the vote’s result to employees, members, donors, and partners.Third, contact your state’s attorney general office, file articles of dissolution, and request other forms or paperwork required to change your organization’s status from non-profit to for-profit at the state level. Every state has different requirements. In the alternative, some state will not require dissolution. If you live in one of these states, send a statement of nonprofit conversion that includes the reason for nonprofit termination, a certified copy of the liquidation plan, the fair market value of the organization, and a list of all asset recipients if assets will be distributed. To convert, your organization only needs to re-organize its tax structure. Send the statement to the IRS, Exempt Organizations Determinations department. Internal Revenue Service Manager Exempt Organizations Determinations PO Box 2508 Cincinnati, OH 45201.Fourth, file a final nonprofit tax return with the IRS within four months and 15 days from the termination of nonprofit status and pay the organization’s outstanding debts. This is done with the e-Postcard Form 990-N if receipts are less than $25,000; Form 990-EZ are used by organizations with gross receipts less than $1 million and Form 990 is used by all other organizations. Finally, distribute the 501(c)(3)’s assets to another non-profit.Fifth, file new articles of incorporation with your state’s secretary.Need assistance dissolving your 501(c)(3)? The corporate attorneys at LawTrades can walk you through the process at an affordable flat rate. Message me for more details. Hope this helps!
How hard is it to file taxes for a small condo complex (9 units)? It is a corporation.
Let’s try to get things defined…. you have a condo complex.. now is the entity you are trying to file taxes for (1) the condo association or (2) the ownership of the condos ( like they are rental condos?).For this answer, I’m assuming that you are trying to file the condo association tax return. That’s pretty simple, but again, we have to make some more assumptions. I am assuming that it is incorporated as a 501(c)(4) non profit organization. If I just lost you, ok, so see Homeowners’ associations at the IRS website.If you have a non profit (501(c)(4) association, then you will be filing form 990. This is an intimidating form, except that there’s an exception which will cover you… a “postcard” filing of form 990-N. It’s allowed if your receipts are less than $ 50,000 per year, which in your case, should be true.So, here’s where you go: Annual Electronic Filing Requirement for Small Exempt Organizations - Form 990-N (e-Postcard) and Annual Electronic Notice (Form 990-N) for Small Organizations FAQs: How to File.It’s a lot easier than it looks, just skim the IRS gobby-gook, click on filing it, and fill it in. Easy.
Who must file Form 990-EZ?
990-EZ instructions:“Most organizations exempt from income tax under section501(a) must file an annual information return (Form 990 or990-EZ) or submit an annual electronic notice (Form 990-N,Electronic Notice (e-Postcard) for Tax-Exempt OrganizationsNot Required to File Form 990 or Form 990-EZ), dependingupon the organization's gross receipts and total assets.If an organization has gross receipts less than $200,000 andtotal assets at the end of the year less than $500,000, it can fileForm 990-EZ, instead of Form 990. But see the special ruleslater for Sponsoring organizations of donor advised funds,Organizations that operate one or more hospital facilities,Section 501(c)(29) nonprofit health insurance issuers, andControlling organizations described in section 512(b)(13). “
Do nonprofits have to file taxes?
There are a few different kinds of nonprofits, and they have varying reporting and tax requirements. Forming an NFP OrganizationThis is done by forming a not for profit corporation with the home state's Secretary of State or similar office. There are annual reports and fees that must be filed and paid to maintain this organization, though they are generally less than a traditional corporation. It is generally unlawful for an organization to operate as a tax exempt organization (explained below) without maintaining their organization with the state office. Applying for Tax Exempt Status With the IRSAn organization that wants to be tax exempt must file a form 1023 under section 501(c)(3) or form 1024 under section 501(a). This is a one-time form and fee. There is also an EZ version of the 1023 that is available for those that qualify. IRS Annual Returns and the Form 990The only kind of organization that does not need to file an annual return with the IRS is a "church": which is a church, or synagogue, or mosque, or other place of worship that also qualifies under section 501(c)(3). There are certain allowed activities under a place of worship like a parochial school or children's summer camp that do not fall outside of the "church" designation. A church is not disallowed from filing an annual report to the IRS, but they generally don't have to. However, some churches have found that some wealthy donors will not supply funds to an organization without the transparency a 990 offers, so there is some incentive to file. Only an organization that is tax exempt under 501(c)(3) or 501(a) may file a 990. All other NFP organizations must file the default return for their corporate and/or business type. For example, a homeowners association that does not fall under 501(a) must file a form 1120-H. There is a 990-EZ form available for small NFP organizations and a 990-N, also called the "postcard 990" for particularly small NFP tax exempt organizations. There are two additional types of 990 forms called 990-PF and 990-T. A 990-PF, Private Foundation, is for organizations who do not go to the general public to seek support. They get their funds mostly from government grants and/or membership dues and must pay some taxes on their net revenue. A 990-T is filed when an NFP operates somewhat outside of their stated mission to raise funds. An example would be a school that also owns and operates a hotel. The hotel operation may not be a part of their stated mission (unless perhaps they teach hotel management) and they may be required to pay taxes on this net revenue. State Department of Revenue Annual ReturnsThese vary by state, but they generally require similar reporting to the 990. In my home state of Illinois, the IL Attorney General's Office requires an IL-AG990 to be filed annually. Other State's have similar requirements. Sales TaxesNFP organizations who sell merchandise must collect and file sales tax returns like any other business. Payroll TaxesNFP organizations must withhold and report payroll taxes like any other business with employees. Certain types of employees who have the IRS designated title of "minister" may have different levels of taxation associated with them. A minister's salary is taxed under the SECA Act rather than the FICA Act. This means that the church may not pay the minister's employer portion of social security and medicare. A minister must file a schedule SE on his or her personal tax return and pay the full social security taxes as if they were a 1099 contractor. However, a minister may chose to file a form 4361 and opt out of social security taxes at their current and any future ministerial positions. Any minister who does this may not be eligible to eventually collect social security unless they have paid in sufficiently at other non-ministerial positions.A minister may also have a parsonage allowance. Parsonage is a housing allowance decided on by the board of the church.  This allowance is not taxed under ordinary federal taxes on the minister's personal tax return. This affects how the organization must track their ministers' salaries and how they must report these salaries on the W2 forms at the end of the year.Unemployment TaxesNFP organizations exempt under 501(c)(3) or 501(a) are also exempt from federal and state unemployment taxes and filings.
Does charity organisation pay any taxes?
Exempt Organization Types:Charitable OrganizationsOrganizations organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational, or other specified purposes and that meet certain other requirements are tax exempt under Internal Revenue Code Section 501(c)(3).Churches and Religious OrganizationsChurches and religious organizations, like many other charitable organizations, may qualify for exemption from federal income tax under Section 501(c)(3).Private FoundationsEvery organization that qualifies for tax-exempt status under Section 501(c)(3) is classified as a private foundation unless it meets one of the exceptions listed in Section 509(a). Private foundations typically have a single major source of funding (usually gifts from one family or corporation rather than funding from many sources) and most have as their primary activity the making of grants to other charitable organizations and to individuals, rather than the direct operation of charitable programs.Political OrganizationsA political organization subject to Section 527 is a party, committee, association, fund or other organization (whether or not incorporated) organized and operated primarily for the purpose of directly or indirectly accepting contributions or making expenditures, or both, for an exempt function.Other NonprofitsOrganizations that meet specified requirements may qualify for exemption under subsections other than 501(c)(3). These include social welfare organizations, civic leagues, social clubs, labor organizations and business leagues.[1]An entity can loose its tax exempt status a couple ways.IRS regulations prohibit 501(c)(3) public charities from specific types of activities and require certain levels of reporting and public disclosure. An organization that fails to abide by these rules may be placed under sanction or have its tax-exempt status revoked by the IRS. These regulations include:Private benefit/inurement --“ An organization may not permit an insider (someone with a personal or private interest in the organization) to benefit substantially from the activities of the organization.Lobbying --“ While 501(c)(3) organizations are permitted to engage in lobbying on some level, the amount of lobbying activitiesmust be limited so that it's not a substantial portion of the organization's activities.Political campaign activity/electioneering --“ 501(c)(3) organizations and their representatives (while acting in an official capacity) may not campaign for or against candidates for elected office.Unrelated business income (UBI) -- “ An organization may lose its exempt status if it generates excessive income from a regularly-carried-on trade or business that is not substantially related to the organization's exempt purpose.Annual reporting obligation -- “ With the exception of churches and subordinate organizations, all 501(c)(3) public charities are required to file some version of the Form 990with the IRS on an annual basis. While smaller organizations with gross receipts under $50,000 were previously exempt from this requirement, these charities must now file the Form 990-N (e-Postcard) each year in order to stay compliant.Operation in accord with stated exempt purpose -- An exempt organization is expected to operate in accordance with the charitable purpose or purposes outlined in its application for recognition of tax-exempt status (Form 1023 or 1023-EZ). An organization must notify the IRS of any substantial changes to its operating purpose.[2]Footnotes[1] Exempt Organization Types[2] https://grantspace.org/resources...
How Can You File Your IRS Form 990 at the last minute?
HOW TO FILE YOUR IRS FORM 990 AT THE LAST-MINUTEToday is another Form 990 deadline day! If your organization operates on a fiscal tax year that begins on February 1 and ends on January 31, you are required to file IRS Form 990 by today, June 15. You have until midnight to submit this form or extension Form 8868 to receive additional time to file.Well the clock is ticking and time is running out, so let’s discuss how to file at the last minute and meet the June 15 deadline.HOW TO FILE YOUR IRS FORM 990 AT THE LAST-MINUTEThe first step in meeting the June 15 deadline is to know which 990 Form your organization is required to file. There are four Forms that make up the Form 990 Series and we would hate for you to waste your time and file the wrong one. Here is a brief summary of each nonprofit IRS Form, simply select the one that best fits your organization:NONPROFIT FORM 990 SERIES EXPLAINEDHOW TO FILE FORM 990NEED MORE TIME TO FILE FORM 990? GET 6 MORE MONTHS, AUTOMATICALLYIf you need more time to file Form 990 or want to take your time completing the Form, that’s okay! You can quickly file Form 8868 for an automatic 6-month extension!Form 8868 is used by nonprofit groups, charities, and other tax-exempt organizations to get an extension of time to file their federal tax return.Filing this form with us by your Form 990 deadline will result in a 6-month extension of time to file your Form 990 and avoid IRS penalties. But don’t delay, you must file your IRS Form 8868 tax extension today in order to get the automatic 6-month extension.THE EASIEST WAY TO FILE AN EXTENSIONTaxBandits eliminates the worry about missing your Form 990 filing deadline! With our simple, interview style e-filing process, you can complete your form and instantly transmit it directly to the IRS.We offer easy e-filing for Form 990 Series returns (Form 990, Form 990-N (e-Postcard), Form 990-EZ, and Form 990-PF) so you can quickly file the correct 990 Form for your organization. For more information on e-filing pricing.FOLLOW THE SIMPLE STEP-BY-STEP GUIDE TO CREATE YOUR FREE ACCOUNT, ENTER BASIC INFORMATION ABOUT YOUR ORGANIZATION, COMPLETE THE FORM INTERVIEW, REVIEW YOUR INFORMATION AND AUDIT REPORT, PAY FOR YOUR FORM, AND TRANSMIT IT DIRECTLY TO THE IRS. THE ENTIRE PROCESS IS COMPLETED IN 5 SIMPLE STEPS!E-FILE FORM 990 OR YOUR EXTENSION FORM 8868 TODAY!;""