Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Im starting a non-profit and Ive filed 501C paperwork but…

Customer Question
Im starting a non-profit...

Im starting a non-profit and Ive filed 501C paperwork but need to open a bank account to follow the money.... If i open a club account with Wells fargo which is a Sole proprietor what information i need for the IRS?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

No thats all i have

Submitted: 7 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 39 minutes by:
12/12/2017
Tax Professional: Barbara, Enrolled Agent replied 7 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,411
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

A sole proprietorship cannot be a non-profit charity. Only corporations, limited liability companies, certain trusts and unincorporated associations are eligible.

How did you file the 501(c) paperwork?

See the following: http://smallbusiness.chron.com/can-sole-proprietorship-nonprofit-charity-72954.html

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,411
6,411 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
Sold my property in Africa through an agent, my money was
Sold my property in Africa through an agent, my money was wired to my account, wells Fargo claim is fraud money … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,172 satisfied customers
I have a customer that is opening a night club in Texas. Are
I have a customer that is opening a night club in Texas. Are they considered to be a non-profit business? … read more
Barbara
Barbara
Enrolled Agent
6,411 satisfied customers
I have an active single member LLC which I opened October
I have an active single member LLC which I opened October 31, 2017. I am supposed to be on online retail for womens clothing, but I havent launched my business yet, nor I have registered for business … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Setting up a social beard club. we would like to have dues
setting up a social beard club. we would like to have dues ($20 monthly) be completely voluntary and handled by an app online. How is this handled as far as tax/income/etc? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
There is member on the board we asking to resign. There are
There is member on the board we asking to resign. There are two things. First he says that he has placed the 501 C Non Profit under his IRS Tax number. Is that legal? He has also placed monies taken i… read more
Barbara
Barbara
Enrolled Agent
6,411 satisfied customers
I have a question regarding 501c status church. The church
I have a question regarding 501c status for a church. The church is automatically tax exempt under 501c without applying and does not get an IRS determination letter because of this. The church also d… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Looking for Lawyer with a good knowledge of Delaware Laws:
Looking for Lawyer with a good knowledge of Delaware Laws: I have founded a Single Member LLC in Delaware in February 2013. I'm a non US-Resident - French citizen and I live in France. I also got an E… read more
Barbara
Barbara
Enrolled Agent
6,411 satisfied customers
i just asked about getting a 501c but no one answered me.
i just asked about getting a 501c but no one answered me. i run a fishing derby every year and need to get a 501c i think. i donate the profits to the local community club. i want to know all the irs … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Not for Profit 501c(7) Social Organization - Yachtclub. Dues
Not for Profit 501c(7) Social Organization - Yachtclub. Dues $2,175 per year Members may rent their spaces through the club and receive $ 2,300 - $2,400 income. Additionally member may rent their stor… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
Hi. Trying to decide how big a problem I have. A group of tenants
Hi. Trying to decide how big a problem I have. A group of tenants at our marina formed a social club. We went ahead and formed a business instead of a non- profit org. Basically we all pay dues and th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Is there help out there for small communities to help them
Is there help out there for small communities to help them get the 501c tax ID for non profit organizations? The tax ID is expensive but from checking into having someone do it for us, we cannot affor… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,363 satisfied customers
i retired 2009 I had a pension worth 487,000 from [email protected] which
i retired 2009 I had a pension worth 487,000 from [email protected] which I invested 357,000 with wells fargo and 130,000 to live on however with inflation and household repairs the money will run out before im 59… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
Im based in Georgia. I just finished up with the IRS and got
I'm based in Georgia. I just finished up with the IRS and got status as a non-profit 501(c)7 (social group) Corporation and got a Tax-ID. I'm going to be selling tee shirts on the internet- Do I need … read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
We are a social club with dues as our main income source with
We are a social club with dues as our main income source with assets of about 3 or 4 thousand dollars . We purchase educational and entertainment presentations that relate to our mission of sharing a … read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
I would like to start a social savings club except under IRS.
I would like to start a social savings club except under IRS. I would get and EIN number for banking purposes. The savings club would consist of members saving for their childrens tuition for private … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
My online (informal) social group wants to collect money for
My online (informal) social group wants to collect money for a big party, and leftover proceeds will go to charity. The amount of money involved is likely to be large ($200,000+). I've looked into usi… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I Have an LLC, Im my only employee and I run payroll for myself.
I Have an LLC, I'm my only employee and I run payroll for myself. I wish to cancel my payroll services. Which taxes as the EMPLOYER now am I subject to pay? Right now I pay the Following Federal Incom… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Im a UK citizen trying to open a US bank account for
I''m a UK citizen trying to open a US bank account for a joint business with my American partner. They tell me I need a US Tax ID to open a bank account - how do I get one being from the UK?… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 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