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02.08.2015
A federal tax identification number is also known as an employer identification number or EIN.
To set up a federal tax ID number also called an Employer Identification Number or EIN, contact your nearest Local IRS Field Office, or call the IRS Business and Specialty Tax Hotline at 800-829-4933. If your business does not have employees, the IRS recommends you label the top of the form SS-4 for Identification Purposes Only. Any business offering products or services that are taxed in any way must get a federal tax ID number.
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The online application asks the questions, you provide the answers and just like that, you get your EIN immediately. If your state taxes personal services or if you are required to collect sales taxes on your sales, you need a federal tax ID number.
All you have to do is go to IrsEin.org and watch a free step by step video and learn how to get your own IRS tax id number for your business within the next 15 minutes. A sole proprietor without any employees can file taxes using her social security number as a tax ID number.
Your tax ID number is used to identify your business to several federal agencies responsible for the regulation of business. All the government forms you will be required to file for your business will require either a Social Security number or a tax ID number. And don’t waste your valuable time searching all over the internet by yourself to figure out the best way to apply for an EIN tax id number. For-profit organizations can be privately owned and may re-distribute taxable wealth to employees and shareholders. If you want to apply the old-fashioned way, the form you’ll need to fill out is IRS Form SS-4. In reality, a tax ID number is probably a better way to refer to this IRS generated identification number. Any business that has employees needs a taxpayer ID number to file and pay employee payroll taxes. An employer must pay Social Security and Medicare taxes for the employees plus pay in to the IRS income tax withholding. Nonprofit corporations enjoy the same limited liability protection as for profit corporations.
Accordingly, directors or trustees, officers and members are typically not personally liable for the debts and obligations of the nonprofit corporation. If the type of business requires the payment of excise tax or alcohol, tobacco and firearms tax, the proprietorship must have the tax ID. If a sole proprietor has a formal retirement plan such as a solo 401k or SEP, a taxpayer ID will be required for the business. In general, the only disadvantages of incorporating are the increased paperwork that is required, including completing an annual report and other periodic reports to be filed.We have incorporated as a non-profit organization. Applying for IRS tax exempt status is a completely different process from that of incorporating. If your existing Articles of Incorporation do not meet these requirements, then a $59 surcharge will apply (plus any state fees) for KNPUSA to prepare an Articles of Amendment document and file it with your statea€™s Secretary of State office.Is our organization required to be incorporated in order to receive 501(c)(3) status?


Incorporating is a completely different process than that of applying to become a 501(c)(3) tax exempt entity.
The primary benefit of incorporating is liability autonomy between your organization's directors and the organization itself. Practically speaking, incorporating a single independent team is probably not cost effective. Your KNPUSA consultant will advise you of the specific requirements and costs for your state and locality.Tax Exempt QuestionsWhat exactly is 501(c)(3) status?501(c)(3) status is the most popular of the 28 different types of tax exempt statuses designated by the Internal Revenue Service. There are numerous advantages for acquiring IRS 501(c)(3) tax exempt status that include the following: 1. The primary benefits enjoyed by a 501(c)(3) organization derive from its exemption from paying certain taxes.
The tax exemptions include exemption from most United States federal and state income taxes and, generally, from sales tax on purchases.
While the state income tax exemption is generally automatic, some states do require a separate application. Studies show that donors are likely to donate between 50%-100% more if their donation will be tax deductible. Your organization might find that 501(c)(3) recognition is an important part of the image it wants to convey. Your non-profit has perpetual life so that it can continue operating in a tax-exempt status even after the original founders move on. Donors are able to make charitable contributions to your organization and receive a tax deduction on their tax return (donors pay no taxes on donations.) 501(c)(3) status qualifies your non-profit organization to receive some of the millions of dollars in private and public grant money.
If you are not recognized as a 501(c)(3) organization, these foundations and philanthropic organizations will not allow you to submit a grant (request) for money. Being a 501(c)(3) will qualify your organization for participation in hundreds of governmental programs operated by federal and state agencies. The government will only allow nonprofit organizations with 501(c)(3) status to participate in these programs.Lower advertising rates in publications. Free radio and PSA announcements provided by local media. What are the disadvantages of having 501(c)(3) status?
Normally the expense, upwards of $3,500 that most firms charge, is a major deterrent for organizations wishing to become 501(c)(3) certified. However, KNPUSA prepares all of the necessary application forms starting at only $399 plus the IRS application fee. You'll recover this fee with increased donation amounts and the capability to receive grant funds.
Current tax law does not require a 501(c)(3) application when an organization normally has gross receipts less than $5,000 per year.
An organization that has gross receipts greater than $5,000 per year must file for 501(c)(3) status.  Our revenues are more than $5,000, but our season is only 3 months per year, do we still have to apply for 501(c)(3) status?
The length of your season is irrelevant.What if our revenues are greater than $5,000 and we haven't applied for tax exempt status?If you are not tax exempt, then you are required to file annual tax returns and pay income taxes at prevailing rates. Depending on how long your organization has been in existence, you may owe back taxes and penalties if you have failed to file returns for past years.
IRS penalties for not filing for tax exempt status are $20 per day.We've been in existence for over 20 years and haven't applied for tax exempt status, what are our options? Although the majority of our clients are youth organizations, we offer our services to adult sport's organizations that meet the criteria described in the following paragraphs.


The first type is an organization that fosters national or international amateur sports competition but only if none of its activities involve providing athletic facilities or equipment. The difference is that a qualified amateur sports organization may provide athletic facilities and equipment. Donations to either amateur athletic organization are deductible as charitable contributions on the donora€™s federal income tax return.
However, no deduction is allowed if there is a direct personal benefit to the donor or any other person other than the organization.
Qualified amateur sports organizationa€“An organization will be a qualified amateur sports organization if it is organized and operated: 1) Exclusively to foster national or international amateur sports competition, and 2) Primarily to conduct national or international competition in sports or to support and develop amateur athletes for that competition. The primary difference between the two statuses is that donations to 501(c)(7) organizations are not tax deductible. The IRS uses the number to identify taxpayers who are required to file various business tax returns.
Acquiring an EIN is merely the first step in the lengthy and complex application process of receiving 501(c)(3) certification. The ID numbers the IRS uses for charities and other tax exempt organizations are the same as the numbers the IRS uses for taxable corporations, etc.
No additional "tax exempt number" is assigned when an organization gets 501(c)(3) or other tax exempt status. They set forth, among other provisions, the purpose and main powers of the entity, voting rights of members, and limitations.
At the organization's initial meeting, the bylaws are adopted. What information needs to be included in our Articles and Bylaws?
In our many years of assisting youth organizations through this process, we have yet to receive a single complaint from any of our clients who concluded that acquiring 501(c)(3) status was not a worthwhile endeavor.
Our staff is 100% confident that the benefits of becoming a 501(c)(3) organization by far outweigh any perceived or actual disadvantages. Contrary to popular belief, there is no such thing as a "tax exempt number" Your tax id will remain as your original EIN. Only your Determination Letter verifies your tax exempt status.Can we ask for donations before we get our tax exempt status?
This means that contributions that your organization received after formation, but before the IRS issued your exemption letter will be deductible. While there are certainly a multitude of benefits to acquiring 501(c)(3) status, federal tax law also imposes certain responsibilities as well.1. Record Keeping-Organizations are required to keep books and records detailing all activities, both financial and non-financial. Financial information, particularly information on sources of support (donations, sponsorships, grants, membership fees, etc.) is crucial. Disclosure Requirements-501(c)(3) organizations must make their application and their 3 most recent annual information returns available to the public when so requested and without charge.
In 26 states, you will be exempt from income taxes but you must file for it once approved for federal tax exemption.



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