If you are looking into your business becoming a nonprofit organization then let our Melbourne, Florida accountants assist you in the process to become a tax-exempt organization. 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 explains the process in becoming a nonprofit organization:
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.
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. If you need accounting services in Melbourne, Florida then give our team at Bullock, Garner, & Leslie a call today.
