Join the 9 million people who found a smarter way to get Expert help

Recent Tax Exemption questions

How can I sell vehicles/equipment under my LLC company that

How can I sell vehicles/equipment under my LLC company that are currently titled in my name. I have some extra old equipment and vehicles that I like to start selling off, but some of them have my name on the title and I would like to the transactions to take place under my LLC to avoid the risk of personal liability down the road. Everything is sold as-is, but I still would feel more comfortable with the LLC selling the items.

Read more

KJLLAW

Juris Doctorate

2,402 satisfied customers
We are establishing a "non" 501 3 c church serving mainly

Hello, we are establishing a "non" 501 3 c church serving mainly people with intellectual disabilities, a small group of about 15. Able to hold service in Autism center for $50.00 per month. I need to know the best way to open the bank account. Plus we got insurance as required by building owner.JA: Because laws vary from place to place, can you tell me what state this is in?Customer: Yes, we are in the state of Ohio.JA: Has anything been officially filed? If so, what?Customer: No, nothing has been filed...I am trying to be careful and start correctyl since we do not want to be 501 c3 and give away our 1st ammendment rights.JA: Anything else you want the lawyer to know before I connect you?Customer: Nothing other than this a heart felt ministry and I am a mother of a child with autism wanting to provide opportunities for people with inteleectual disabilities to expres st their faith. A free church seems like the best way to do it and maintain our rights to minister effectively and still be involved legistaltively as it relates to the needs of our people.

Read more

Damien Bosco

Attorney

Doctoral Degree

3,870 satisfied customers
CALIF NONPROFIT and NEVEDA LLC PERFORMING WORK/SERVICES IN

CALIF NONPROFIT and NEVEDA LLC PERFORMING WORK/SERVICES IN ILLINOISREQUESTS1. What is required to open bank accounts in Illinois as a foreign entity (CALIF) operating in IL?2. Why did Secretary of State of ILLINOIS say that the Calif registered 501c3 did not have to register to operate in IL (they returned the fee and application stating "not req'd".BACKGROUNDI have an LLC registered in Nevada (real estate acquisitions & rehab) and a nonprofit registered in Calif (community development corp for life and trade training); both targeting housing for veterans, seniors, disabled independents, single parents and emancipated youth.The target market is in Illinois and I am looking to get funding via loans and or grants. Illinois Real Estate taxes and insurance is being paid by both companies. Nonprofit registration with ILLINOIS suppliers is in place.Federal filing of taxes for LLC has been implemented. There are no employees to get this job done; it is all done with consultants.GOALBoth companies would like to operate within the state of Illinois to seamlessly purchase real estate, acquire stipends to offer people vocational training (gateway to getting permanent employment) to sustain them in homeownership and acquire local and federal grants to continue purchasing and rehabbing properties.THANK YOU IN ADVANCE FOR YOUR RESPONSE.

Read more

Richard - Bizlaw

Juris Doctor

11,510 satisfied customers
My boyfriend and I have lived in my home for over 10 years.

My boyfriend and I have lived in my home for over 10 years. I am now selling my home. If I marry my boyfriend to obtain the $500,000 tax exemption, and then divorce him afterwards, is there any issue with this?JA: What state are you in? And have you consulted a local attorney?Customer: California. No consultation with an attorneyJA: Has anything been officially filed? If so, what?Customer: Just planning ahead. No sale or marriage yetJA: Anything else you want the lawyer to know before I connect you?Customer: No

Read more

Brandon M.

Attorney at Law

Juris Doctorate

8,626 satisfied customers
Can an LLC have a non-for-profit entity under it's umbrella

Can an LLC have a non-for-profit entity under it's umbrella of business? (California). Ex: parties (members) form an LLC but also have a separate non-for-profit organization for which various community services are provided.

Read more

Thelawman2

Doctoral Degree

2,120 satisfied customers
I have a client who is a non profit and a while ago, as a

I have a client who is a non profit and a while ago, as a favor, they allowed another organization to run money through them so their donors could receive a tax break for "Technically" Giving to this non-profit. Once they found out this was illegal to do they stopped immediately.There is a Donor who gave to this Non-Profit for the other organization and is asking for a Tax Receipt. I'm not quite should how, or if I even should issue this. Could use some help.I currently have told her "After considering this situation I unable to confirm the validity of the donation, I am unable to issue a receipt. I apologize for the inconvenience, please let me know if I am able to assist you any further."she wants me to call her tomorrow and explain my self. I'm a little intimidated and want to make sure I am handling this appropriately. Thank you!

Read more

P. Simmons

Attorney

Doctoral Degree

38,100 satisfied customers
I have a client who is a non profit and a while ago, as a

I have a client who is a non profit and a while ago, as a favor, they allowed another organization to run money through them so their donors could receive a tax break for "Technically" Giving to this non-profit. Once they found out this was illegal to do they stopped immediately.There is a Donor who gave to this Non-Profit for the other organization and is asking for a Tax Receipt. I'm not quite should how, or if I even should issue this. Could use some help.I currently have told her "After considering this situation I unable to confirm the validity of the donation, I am unable to issue a receipt. I apologize for the inconvenience, please let me know if I am able to assist you any further."she wants me to call her tomorrow and explain my self. I'm a little intimidated and want to make sure I am handling this appropriately. Thank you!

Read more

TaxWhisperer

Principal

Masters Science Taxation

770 satisfied customers
Our HOA set up a travel and event club for any of the

Our HOA set up a travel and event club for any of the homeowners to join by paying dues annually. The club plans events (trips, cruises, dinners, tours, concerts, plays, etc. locally, regionally, nationally, and internationally and offers them to Club members. The club has by-laws, a board, officers which are elected annually by club members as well as committees who plan events. No one is paid. The club has no employees and uses HOA facilities for meetings free of charge. Its only expenses are office supplies. The club collects about $6800 annually in dues which it uses to subsidize food and other costs at social events. It also collects deposits in advance of trips or events from members who sign up for trips/events and uses these deposits to pay for group dinners, tours, tickets, hotel rooms, etc. booked at a group rate. So these deposits are offset by expenses. And it makes a few dollars annually on its cash balances. Periodically, the costs for member trips exceed or are less than the deposits collected, which generates a deficit or surplus. The club was founded in 2008 and has a tax ID number which its bank required to open up accounts. But the club has never filed a tax return or applied for tax exemption under IRS section 50 (c)(7). Early in its existence the club generated a large surplus which it transferred to a separate reserve bank account. This reserve was set up in case minimum guarantees to hotels booked at group rates were not met and the club was on the hook. Generally the club's income equals its expenditures so income is near zero. The IRS has never questioned that the club did not file a tax return. Should the club file for exempt status and if it does, will it owe back taxes and penalties? I note that form 1024 requires four years of income statements. It also appears that the club must file an annual information return if it is granted tax exempt status. Can the club just continue not filing? I ask these questions as the clubs new treasurer.

Read more

TaxWhisperer

Principal

Masters Science Taxation

770 satisfied customers
I host an online video chat room and was considering doing a

I host an online video chat room and was considering doing a raffle of some sort for donations to pay the hosting fees of the room. Are there any legal issues?JA: What state are you in? It matters because laws vary by location.Customer: arkansasJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: no

Read more

Richard - Bizlaw

Juris Doctor

11,510 satisfied customers
View more business law questions
In The News