Home Page link  

Do I need to file a tax return for a 501(c)(3) organization?

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Do I need to file a tax return for a 501(c)(3) organization? iloveseahawks@gmail.com 01-23-2007
Posted by iloveseahawks@gmail.com on January 23, 2007, 2:04 am
Please log in for more thread options
 I founded a 501(c)(3) org last year and I looked at the
990-EZ form and it said

K. Check ___ if the organization is not a section 509(a)(3)
supporting organization and its gross receipts are normally
not more than $25,000. A return is not required, but if the
organization chooses to file a return, be sure to file a
complete return.

My gross receipts is just a few hundred bucks. Do I need to
file a return by sending in a 990EZ form?

Thanks,
Chu

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Paul Thomas, CPA on January 24, 2007, 1:56 am
Please log in for more thread options
> I founded a 501(c)(3) org last year and I looked at the
> 990-EZ form and it said
>
> K. Check ___ if the organization is not a section 509(a)(3)
> supporting organization and its gross receipts are normally
> not more than $25,000. A return is not required, but if the
> organization chooses to file a return, be sure to file a
> complete return.
>
> My gross receipts is just a few hundred bucks. Do I need to
> file a return by sending in a 990EZ form?

Not this year, but you may want to jump through the hoops of
preparing one so you have those numbers, as you may be
required to file returns in the future, and having the prior
years data handy is invaluable.

--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by bono9763@yahoo.com on January 24, 2007, 1:56 am
Please log in for more thread options

> I founded a 501(c)(3) org last year and I looked at the
> 990-EZ form and it said
>
> K. Check ___ if the organization is not a section 509(a)(3)
> supporting organization and its gross receipts are normally
> not more than $25,000. A return is not required, but if the
> organization chooses to file a return, be sure to file a
> complete return.
>
> My gross receipts is just a few hundred bucks. Do I need to
> file a return by sending in a 990EZ form?
>
> Thanks,
> Chu

No. Do not file a return until your gross income is $25,000
or more.

Dennis

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Mark X. Rigotti, CPA on January 25, 2007, 2:05 am
Please log in for more thread options

> I founded a 501(c)(3) org last year and I looked at the
> 990-EZ form and it said
>
> K. Check ___ if the organization is not a section 509(a)(3)
> supporting organization and its gross receipts are normally
> not more than $25,000. A return is not required, but if the
> organization chooses to file a return, be sure to file a
> complete return.
>
> My gross receipts is just a few hundred bucks. Do I need to
> file a return by sending in a 990EZ form?

From your question I am inferring things. The primary one
being this is the first time doing a non-profit tax returns.

Are you sure you are a 501(c)(3) organization. Have you
applied to the IRS for this status? Do you have a copy of
the letter from the IRS granting this status?

Better check into that status first.

Regards

Mark Rigotti, CPA

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Gil Faver on January 26, 2007, 4:42 am
Please log in for more thread options

>> I founded a 501(c)(3) org last year and I looked at the
>> 990-EZ form and it said
>>
>> K. Check ___ if the organization is not a section 509(a)(3)
>> supporting organization and its gross receipts are normally
>> not more than $25,000. A return is not required, but if the
>> organization chooses to file a return, be sure to file a
>> complete return.
>>
>> My gross receipts is just a few hundred bucks. Do I need to
>> file a return by sending in a 990EZ form?

> From your question I am inferring things. The primary one
> being this is the first time doing a non-profit tax returns.
>
> Are you sure you are a 501(c)(3) organization. Have you
> applied to the IRS for this status? Do you have a copy of
> the letter from the IRS granting this status?
>
> Better check into that status first.

I don't think it is necessary to apply to the IRS to qualify
as a 501 (c)(3) organization in all circumstances. Better
check into THAT first.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Similar ThreadsPosted
Should I file return even if no tax due? February 22, 2007, 2:27 am
Should I file business tax return? February 22, 2007, 5:45 pm
Moved to MD from VA 12/28/06.... do I file a Part Year MD return? April 13, 2007, 11:48 pm
decedent final return: need to file 1096? March 1, 2008, 6:02 pm
penalties if you discover underpayment of taxes and file amended return April 5, 2008, 1:10 am
Group donation to charitable organization? June 5, 2008, 7:30 pm
tax and charity to a future non-profit organization case April 12, 2007, 12:44 am
Can a 501(3)(c) organization buy "thank you" gifts for outgoing board members? April 19, 2007, 3:52 am
Does a copy of other state return serve as a proof for Virginia tax return ? April 9, 2008, 5:42 pm
Filing status different for Federal return and State return April 11, 2007, 11:47 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap