The IRS Audit Blog

Posts Tagged ‘nonprofit’

Question: If I file my 501(c)3 papers tonight, can I run my company now like a 501(c)3 and accept donations? How?

Would I backdate receipts from charitable donations? Could I accept payment from clients or would I have to wait 8-10 months for the IRS forms to officially go through?

Answer: You are not a 501(c) 3 organization until you have been approved. Depending on what state you are operating that may take a great deal more than the IRS paperwork.

Don’t assume donations are tax deductible, IRS says

Although it may not be for everyone — especially this year — a donation to charity is one way to shave your income tax bill. But you’ll want to keep in mind rules about documentation and the limits…

Great Option Replay North Port Mustangs

Question: i CAN’T FIND THE IRS FORM 990 FOR AARP?

AARP IS A NON-PROFIT AND THEY MUST FILE A FORM 990 SINCE THEY ARE 501 (C) (4) CORP.

Answer: Download 2006 form 990 and instructions from

http://www.irs.gov/formspubs/lists/0,,id=97817,00.html

501(c) (4) organisation should also use this form.

Watchdogs on Alert for Haiti Charity Fraud

Experts Say Stick with Tried and True Charities

Kent Hovind put his supporters at legal risk?

Question: Potenially Behind on my Taxes – Any Suggestions?

I have had a relatively short working career, the part-time and temp jobs I did through college yielded little income.

Since then (The past 5 to 6 years) I have had somewhat steady employment as a contract designer and no real way to track my income ( I have changed addresses a few times – companies I worked for kept sporadic records etc.) until this past year where I landed a management level position – yet still as a contracted worker with no benefits or taxes taken out to my knowledge.

I now feel it’s time to move on to payroll and into the benefits package – but that won’t occur until late October of this year.

I’m currently making 45K (annually) and do not want to jeopardize what little money a make by potentially alerting the IRS to my situation before I get my expenses and receipts together.

I’m confident I can “get right” with my tax situation – what’s my best course of action?

Thanks again for your time and interest.

Answer: The best thing to do now is to

1. Balance your books and get organized. you should have all your stuff together
2. Figure out your bottom line: How much income did you make
3. hire a prive tax consultant to do your taxes. Give him all your reciepts)
4. He can get them ready to file for when the time comes. His fee will be about 300 per return, but it will be well worth it as he will find awesome ways to save you money.

Temping vs. Interning: Which is Better for College Students?

In order to get necessary work experience, most college kids seek temporary agency jobs or internships. We talked with career experts to find out the pros and cons of each choice and what to expect.   

Self Employment Tax Tips : Tax Tips for Temp Employees

Question: how to write articles of corporation for irs form 1023 to be tax exempt?

Answer: Ask your CPA.

Charities need to file returns too

(ARA) – This is the time of year when people start preparing their annual income tax returns. It’s also time to remind people who run charities and other tax-exempts that those organizations must file annual returns with the Internal Revenue Service, as well.

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