If you are considering becoming a non-profit organization then our accountants at Bullock, Garner, & Leslie are available to discuss with you the details regarding tax information for a non-profit.
Nonprofit organizations are required to complete an application with the IRS in order to be granted tax-exempt status under code section 501. This can be a very time consuming and complicated process. Bullock, Garner, & Leslie, CPA Firm can help you prepare this application and help to minimize follow up questions from the IRS. The IRS gives specific steps for becoming a non-profit organization and maintaining this compliance.
1. Starting Out: Creating an organization under state law, acquiring an employer identification number, and identifying the appropriate federal tax classification.
2. Applying for Exemption: Acquiring, completing, and submitting application forms; how the IRS processes applications; and getting help from the IRS during the application process.
3. Required Filings: Annual exempt organization returns, unrelated business income tax filings, and other returns and reports that an organization may have to file.
4. Ongoing Compliance: How an organization can avoid jeopardizing its tax-exempt status, disclosure requirements, employment taxes, and other ongoing compliance issues.
5. Significant Events: Audits, private letter rulings, and termination procedures.
If you need accounting services in Melbourne, Florida then give Bullock, Garner, & Leslie a call today to get started.