Nonprofit Rules Enforcement: Who Should You Fear the Most? The IRS or Your State?
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- Опубліковано 21 лип 2024
- If you’re involved with nonprofits, you know that there are certain rules that must be followed. And it goes without saying that people have a lot of fear and respect when it comes to the IRS. But is that all they should be thinking about? What about the states? Is there any concern there?
Put it like this: Who should you be more worried about? The IRS or your state? The answer may surprise you!
📚 ADDITIONAL RESOURCES:
•VIDEO: What Can You Do With a 501(c)(3)? Understanding IRS Charitable Purposes • What Can You Do With a...
•VIDEO: How Do You Start a 501(c)(3) Nonprofit? • How Do You Start a 501...
•eBook: 10 Things You Need to Know Before Starting a Nonprofit: www.501c3.org/request-success...
•VIDEO: Top 10 Form 990 Audit Triggers No One Told You About • Top 10 Form 990 Audit ...
•ARTICLE: Nonprofit Rules Enforcement: Who Should You Fear the Most? bit.ly/3VWFoJZ
🏆 YOUR NEXT STEPS:
•Fill out this form for a FREE consultation on how to start a nonprofit: bit.ly/3Tu9nYE
•Register for Fundraising TV: www.501c3.org/fundraising-tv/
0:00 Introduction
1:19 The IRS
2:02 The IRS: Getting 501(c)(3) Status
3:59 The IRS: Form 990
5:42 The State: Incorporation
6:28 The State: Registering for Charitable Solicitations
7:14 The State: Enforcement
8:36 PRO-TIP OF THE DAY
8:44 Conclusion
Another great video yall!
Hello, how do I inspect and scrutinize a non-profit organization's IRS 990 form to determine their transparency "grade" and whether or not it's safe to donate money to them?
Hey Greg, Great video, and I gave the thumbs up, however as a 30-year-plus Republican it is my job to tell people that there are 87,000 armed IRS agents coming after them (LOL). 😂😂. I just wanted to add there is NO asset test or limit when filing form 990-N there is only an income test or limit of 50 (K) after the first 3 years. Meaning if a small virtual nonprofit could borrow large sums of money they could technically own millions of dollars worth of real estate and still fill out 990 N.
my state does not say in its articles of incorporation what non profits should do in the event it would be dissolved does that mean you get to keep the assets
In order to get approved by the IRS for tax exemption 501(c)(3) status you need a dissolution clause in your corporate charter that gives the remaining assets in your organization to another nonprofit or the state. If you do NOT intend to file for federal recognition you can keep the assets as long as the state doesn't already have a dissolution clause for nonprofits in state law. Also, beware that on form 1023 EZ (application for tax-exempt recognition federal) you have to attest (penalties of perjury) to having a dissolution clause in your corporate charter. This attestation helps you get property tax exemptions at the county and local level meaning with out it states, counties and IRS can tax the assets of the corporation
What Wayne said!
@@gregmcray Merry Christmas and Happy New Year !!!
If you need help filing for IRS 501(c)(3) status, we’d love to help. Fill out the form at bit.ly/3i6rFxz or give us a call at 888-361-9445.