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What is the difference between a 501c and a 501c3? I also
what is the difference between a 501c and a 501c3? … read more
Jeffrey Horning
Jeffrey Horning
Senior Information Technology Auditor
Master of Business Administration (MBA)
608 satisfied customers
My friend is trying to establish a sikh temple (church of
my friend is trying to establish a sikh temple (church of Sikhs). he has already incorporated a non profit organization and now he is willing to obtain 501-C for the church. is he eligible to submit f… read more
Carter McBride
Carter McBride
LLM
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Can a 501(c)(3) church organization allow a church member to
Can a 501(c)(3) church organization allow a church member to use their sales tax number to make purchases that will be donated to the church or reimbursed by the church. The purchase is being made wit… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
22,586 satisfied customers
I launched a non profit association in Texas this year. It
Hi Mark, this is Michael... I launched a non profit association in Texas this year. It is not a 501(C)(3) at this point in time, but only a non profit association. Donations are still below the $5000/$7500/$15000 limit rule provided by the IRS, therefore there are no reporting requirements at this point. I have recently purchased and I am currently restoring a 2007, BMW 328 i that I plan to donate only "part of the proceeds," as a good, so that this newly formed non profit can provide it for sell at an auction. My first question - is as the donor, am I entitled to claim a fair market value charitable deduction for the contribution of appreciated property to this new non profit association that will later be sold? Under the circumstances, It appears that the law limits a donor's charitable deduction to a donor's tax basis in a contributed property and does not permit the donor to claim a fair market value charitable deduction for the contribution. My second question - is there a way to get back part of the money that I used to buy and restore the vehicle as a reimbursement for the actual costs that I spent to restore the vehicle? Again, I would only seek to reimburse the fair market value once the vehicle was sold and anything above either what the vehicle actually cost and or the actual fair market value of the vehicle? My hope is that whatever proceeds that could be generate at the auction above the fair market amount would go directly to the non profit association and since the auction won't begin until 2019 that if those proceeds generated exceeds the 5000/7500/15000 rule then I could simply incorporate and file for the 501(c)(3) status in early 2019, even if after the vehicle is sold? That way we can still meet the reporting requirements and possibly still use the 501(c)(3) status since technically we could get granted that status in the same 2019 year? Of course, the third question is that I have also considered getting help from a "fiscal sponsor" that already has a 501(c)(3) status and that could offer to arrange for the sell on our behalf to help this new non profit association get the car sold? Specifically, the Treasury Regulations under section 170 provide that if a donor contributes tangible personal property to a charity that is put to an unrelated use, the donor's contribution is limited to the donor's tax basis in the contributed property. The term unrelated use means a use that is unrelated to the charity's exempt purposes or function, or, in the case of a governmental unit, a use of the contributed property for other than exclusively public purposes. The sale of an item is considered unrelated, even if the sale raises money for the charity to use in its programs. I know there are a lot of questions here, can you please help me understand how to get a better understanding of what I am trying to do... … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,238 satisfied customers
Do you have knowledge on tax laws regarding non profit
Do you have knowledge on tax laws regarding non profit donations and so forth? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,130 satisfied customers
I'd like to create a 501c3 and put the proceeds from my
I'd like to create a 501c3 and put the proceeds from my artwork into that. I'd use that money, after my expenses, to support other nonprofits. Does this work?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,539 satisfied customers
Non-Profit Accounting Question: I work for a 501c3
Non-Profit Accounting Question: I work for a 501c3 non-profit Church organization. We regularly give money to other 501c3 non-profits to support the work they are doing. One organization we are workin… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,197 satisfied customers
If an artist co-op charges an annual fee to its members is
If an artist co-op charges an annual fee to its members is the income (fee) taxable by the IRS? The co-op has no legal standing through the IRS. The fees are used to cover the cost for running the co-… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
22,586 satisfied customers
Is there a limit to the size of a donation made from a S corporation
Is there a limit to the size of a donation made from a S corporation to a 501c non profit origination, and still have the full amount deducted from the profits of the S corporation?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,197 satisfied customers
Does a Form 990 show irrefutable proof that all donations are
Does a Form 990 show irrefutable proof that all donations are being used to help the needy and nothing else? Thank you.… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 satisfied customers
If I enter into a commercial lease for an office, and then
If I enter into a commercial lease for an office, and then sub-let the office to a non-profit 501(c)(3) qualified corporation, may I legally take a deduction for "donations" made to the corp… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,238 satisfied customers
Charitable contributions to a non-profit counseling center
Charitable contributions to a non-profit counseling center which has 501(c)(3) status. Situation: my wife is a MFT (marriage & family therapist) intern in CA under an "at will" employmen… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,197 satisfied customers
There is a business a bar for profit organization that is solciting
There is a business a bar for profit organization that is solciting donations for hurricane sandy victims via paypal on their website. They dont have 501 c status and dont list the chairty it will be … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,238 satisfied customers
A licensed architect offers to provide professional services
A licensed architect offers to provide professional services and donate their value as Contributed Services for a 501c(3) organization which is renovating a building the charitable organization owns. … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 satisfied customers
I know that the time volunteers spend working for a non-profit
I know that the time volunteers spend working for a non-profit organization can be tax-deductible to them if the charity also reports it in their accounting, but how is this characterized for the non-… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,238 satisfied customers
As a 501C 3 organization in Florida I am having a ...
As a 501C 3 organization in Florida I am having a fund raiser. I wish to donate 70% of the proceeds to one youth in my program and 30% to others. Can the sponsors receive a 100% tax deduction for thei… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
I own a business and we donated part of the space I am ...
I own a business and we donated part of the space I am renting to a 501c(3) non-profit organization. Can I deduct, as a charitable expense, the expense of the rent I paid on that portion of the space?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
We are a charible organization (tax i.d.#06-1021906) ...
We are a charible organization (tax i.d.#06-1021906) Nisei Student Relocation Commemorative Fund Inc. We are currently fund-raising and learned that we cannot get a matching donation from an employer … read more
Zhicheng Lai
Zhicheng Lai
Master Degree
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