Comments on: Does new IRS 990N apply? http://homeschoolcpa.com/does-new-irs-990n-apply/ Helping homeschool leaders Sun, 22 Jan 2012 12:01:31 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Carol Topp http://homeschoolcpa.com/does-new-irs-990n-apply/comment-page-1/#comment-979 Carol Topp Tue, 03 Jan 2012 17:32:23 +0000 http://homeschoolcpa.wordpress.com/?p=155#comment-979 Maggie, Thank you for contacting me at HomeschoolCPA.com The Form 1023 is quite long and complicated. I doubt you will get it finished in the 8 weeks you have before you file the Form 990N. The IRS will accept the Form 990N from organizations before they file their Form 1023. (They didn't used to do that.) I recommend that you start the Form 1023 as soon as possible. File your Form 990N on time File the Form 1023 when you complete it. I assist homeschool organizations in preparing their Form 1023. I can also review a Form 1023 that you prepare. See my services page here: http://homeschoolcpa.com/services/501c3-tax-exempt-status/ I hope that helps! Maggie,
Thank you for contacting me at HomeschoolCPA.com

The Form 1023 is quite long and complicated. I doubt you will get it finished in the 8 weeks you have before you file the Form 990N.

The IRS will accept the Form 990N from organizations before they file their Form 1023. (They didn’t used to do that.)

I recommend that you start the Form 1023 as soon as possible.
File your Form 990N on time
File the Form 1023 when you complete it.

I assist homeschool organizations in preparing their Form 1023. I can also review a Form 1023 that you prepare. See my services page here: http://homeschoolcpa.com/services/501c3-tax-exempt-status/

I hope that helps!

]]> By: maggie http://homeschoolcpa.com/does-new-irs-990n-apply/comment-page-1/#comment-977 maggie Tue, 03 Jan 2012 00:56:40 +0000 http://homeschoolcpa.wordpress.com/?p=155#comment-977 I just called the IRS, and they will make available the 990N for us to file in 8 weeks. We had neglected to file it when we were first formed in 2009. My question is, as we also neglected to file the 1023 form, should we wait to file the 1023 until we file the 990N in 8 weeks, and get a confirmation on our non-profit status? We are a 501(C)3 corporation. Thank you. I just called the IRS, and they will make available the 990N for us to file in 8 weeks. We had neglected to file it when we were first formed in 2009. My question is, as we also neglected to file the 1023 form, should we wait to file the 1023 until we file the 990N in 8 weeks, and get a confirmation on our non-profit status?
We are a 501(C)3 corporation.
Thank you.

]]> By: Carol Topp http://homeschoolcpa.com/does-new-irs-990n-apply/comment-page-1/#comment-687 Carol Topp Tue, 30 Nov 2010 22:44:58 +0000 http://homeschoolcpa.wordpress.com/?p=155#comment-687 As a social club, you may be eligible for 501(c)(7) status, not 501(c)(3) status. But the filing fees are the same ($450 or $800 depending on your gross revenues). The IRS does allow 501(c)(7) social clubs to "self proclaim" tax exempt status without filing the Form 1023 (and thereby not paying the IRS fee!) The choice between 501(c)(7) and (c)(3) status can be confusing. It might be beneficial to arrange a private phone call with me to discuss your options. Carol Topp, CPA As a social club, you may be eligible for 501(c)(7) status, not 501(c)(3) status. But the filing fees are the same ($450 or $800 depending on your gross revenues).
The IRS does allow 501(c)(7) social clubs to “self proclaim” tax exempt status without filing the Form 1023 (and thereby not paying the IRS fee!)

The choice between 501(c)(7) and (c)(3) status can be confusing. It might be beneficial to arrange a private phone call with me to discuss your options.

Carol Topp, CPA

]]> By: Gabe LeBlanc http://homeschoolcpa.com/does-new-irs-990n-apply/comment-page-1/#comment-686 Gabe LeBlanc Tue, 30 Nov 2010 17:24:38 +0000 http://homeschoolcpa.wordpress.com/?p=155#comment-686 A small group of like-minded individuals has formed a social club for the purpose of helping kids buy school supplies. The club's income comes from members' dues and a yearly picnic and dance. The club was incorporated on 11/05/2009 as a nonprofit. However, the members are resitant to the idea of filing for 501c3 status, because the cost of filing would significantly reduce the amount left to serve the kids. Our annual revenue is in the 5000 -7000 dollar range. As the registered agent, I am contemplating filing for small business status to avoid the tedium of filing the club's return on Form 1120. Any suggestions? A small group of like-minded individuals has formed a social club for the purpose of helping kids buy school supplies. The club’s income comes from members’ dues and a yearly picnic and dance. The club was incorporated on 11/05/2009 as a nonprofit.
However, the members are resitant to the idea of filing for 501c3
status, because the cost of filing would significantly reduce the amount left to serve the kids. Our annual revenue is in the 5000 -7000 dollar range. As the registered agent, I am contemplating filing for small business status to avoid the tedium of filing the club’s return on Form 1120. Any suggestions?

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