Question: Whil im waiting on my 501 (c)(3) application from the IRS for my non profit…?
Does anyone know if it is legal to solicit donations for my non profit organization while I am waiting for my application to be approved by the IRS? Since the bank will not allow me to set up the account as non profit before they have an IRS letter, the donation account will not be listed as non profit…. will donations that people make be tax deductible for them if they make the donation before I have received IRS approval or is it best to hold off until I have a definite ruling. Its a non profit for deployed soldiers and my husband is currently overseas, so I am anxious to hurry up and get started helping our troops and hate this waiting game.
Answer: Do you have an attorney that’s been helping you with this? If not try to contact one, preferably a tax attorney that may be better versed in this type of thing. You can always try to contact the American Bar Association for a referral that might be able or willing to help out at a reduced rate. I tried to do a little research on this and could not get anything definitive. I would think that your tax exempt status would have to approved before you can do this. Your application could be denied for some reason such as lack of information and may seem as though you are trying to defraud people if you take donations without it. That could do more harm than good because you could risk being shut down for good. I have a brother in the military and know how hard it is for him to leave his family, and I would hate to see you jeopardize the good that you could possibly do for these soldiers. I know the red tape stuff is frustrating. I work for a 501(c) non-profit agency myself, and I get so tired of the government’s demands for stupid stuff that limits our ability to help those that really need it. I hope the approval comes through soon for you and good luck with this.
Avoiding an early SEP IRA withdrawal penalty
You could have avoided paying income taxes if you’d restructured your retirement plan to allow for a loan.
CFR JP MORGAN CHASE BAILOUT THE NWO NOT NEW 1917 new world order Lehman Brothers Goldman Sachs bailout billion trillion inflation monetary policy federal reserve fed IRS Congress Ron Paul lectures Bernanke paulson AIG SEE NWO IS NOT NEW PART 1/2