Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I am in the early stages of forming a 501c3 public charity

Customer Question
using the IRS Form 1023EZ...
I am in the early stages of forming a 501c3 public charity using the IRS Form 1023EZ and I just noticed on the form that I can use a trust as my Organization Type. I already have formed a C corp, but since I have been forming and using Land Trusts for many years (Florida type), perhaps I would be better off to use such a familiar structure here as well. I wonder as to the pros and cons of each structure. Your comments would be appreciated.
John O
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
11/10/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,388
Experience: Certified Public Accountant
Verified
Hi, my name is Mark. I will be happy to help you with your questions.
Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
A trust would need to be irrevocable. The assets would need to be irrevocably distributed for the charitable purpose.
Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
A c corporation is more common for a non profit. A corporation can perform activities and enter transactions.
Ask Your Own Tax Question
Customer reply replied 1 year ago
I am looking for a comparative information, not factual information. My initial request was for pros and cons as to using C Corp or a trust for a 501c3 formation. So far that has not been addressed
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
I understand. Please give me a moment.
Ask Your Own Tax Question
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,388
2,388 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
An S Corporation & its 2 shareholders are selling the assets
An S Corporation & its 2 shareholders are selling the assets of the Corporation. The Corporation provides corporate credit card processing services and its primary assets are the contracts with its cu… read more
Carter McBride
Carter McBride
LLM
233 satisfied customers
What are the forms for reporting Rental Income to the IRS on
What are the forms for reporting Rental Income to the IRS on foreign properties - we collect each month? Is this filed separately from our personal returns?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,067 satisfied customers
I sold the business assets in an installment sale. Proceeds
I sold the business assets in an installment sale. Proceeds were: … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A dentist purchases the assets of a retiring dentist. The
A young dentist purchases the assets of a retiring dentist. The portion of the purchase price allocated to Dental Equipment is 150,000. The book value of the Dental Equipment on the retiring dentist's… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Got form 4549 from iRS. IRS has sent a form 4549 and asking
IRS has sent a form 4549 and asking me to pay 3510 as tax defecienecy … read more
abci168
abci168
Principal
27 satisfied customers
Transacting in Bitcoin. I run several affiliated businesses.
Transacting in Bitcoin. I run several affiliated businesses. Company A receives money from the customers. Company A pays Company B for services and Company B pays Company C for services. Then Company … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am review IRS Form 966 regarding the complete dissolution
I am review IRS Form 966 regarding the complete dissolution of C-Corp owned by H and W. Only remaining asset is cash since there was an asset sale. IRS code Sec for this dissolution is Sec331. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am looking for guidance on transactions between a US
I am looking for guidance on transactions between a US corporation and it's foreign corporate owner. … read more
Carter McBride
Carter McBride
LLM
233 satisfied customers
Form 8300. We are doing a business to business transaction.
We are doing a business to business transaction. The form is not clear on how to compete. Do we complete Part I f … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
On october 30th I mailed form dt individual to the IRS in
on october 30th I mailed form dt individual to the IRS in Connecticut Certified mail showed it had been delivered on Nov 2 I have heard nothing … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I need to talk to some one expert in filling irs forms 990
i need to talk to some one expert in filling irs forms 990 and 990ez. i have been reporting on 990ez line 24 other assets money that has been spent in equipment such as freezers, computers, printers, … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I purchased an asset in 2013 and sold like kind asset 2016
I purchased an asset in 2013 and sold like kind asset 2016 can we use the like kind exchange on this purchase sale? the asset we sold was used as collateral for the asset purchased in 2013 … read more
abci168
abci168
Principal
27 satisfied customers
What is the purpose of irs form 2297. by signing this form,
what is the purpose of irs form 2297. by signing this form , am i giving up my right to my past refund? … read more
abci168
abci168
Principal
27 satisfied customers
Can the IRS seize my assets for neither having health
Second opinion] Can the IRS seize my assets for neither having health insurance or paying the penalties.… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Can IRS seize assets for non-payment of penalties/ no health insurance
Can the IRS seize my assets for neither having health insurance or paying the penalties? This is in the state of Ohio. I file returns every year but haven't had insurance since 2014. I simply paid wha… read more
abci168
abci168
Principal
27 satisfied customers
An S Corporation is selling its assets under an Asset
An S Corporation is selling its assets under an Asset Purchase Agreement. The 2 stockholders materially participate in the operation of the business. The business provides credit card processing softw… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How can i report one asset exchange to two assets in form
how can i report one asset exchange to two assets in form 8824? do I need to fill out two 8824 forms or just one? thanks. HL… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
685 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x