Corporate Structure

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(Other Tax Laws)
(Other Tax Laws)
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*Freeside Atlanta http://blog.freesideatlanta.org/
 
*Freeside Atlanta http://blog.freesideatlanta.org/
  
====Other Tax Laws====
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====Other Stuff Important for a 501(c)(3)====
 
*If non-cash donations exceeds $500 in value, the donor will need to fill out form 8283, and Knox Makers will need to maintain a record of the donor's information.
 
*If non-cash donations exceeds $500 in value, the donor will need to fill out form 8283, and Knox Makers will need to maintain a record of the donor's information.
 
**If such properties is disposed of within 3 years of the donation, a form 8282 will need to be submitted by Knox Makers.
 
**If such properties is disposed of within 3 years of the donation, a form 8282 will need to be submitted by Knox Makers.
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*Any donation of over $250 requires Knox Makers to provide an acknowledgement.  The required information is included in IRS Pub 1771.
 
*Any donation of over $250 requires Knox Makers to provide an acknowledgement.  The required information is included in IRS Pub 1771.
 
*Knox Makers must make their tax exempt application as well as all annual information returns submitted to the IRS available for public inspection.
 
*Knox Makers must make their tax exempt application as well as all annual information returns submitted to the IRS available for public inspection.
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*It will be critically important to make sure that activities performed by Knox Makers match up with its exempt purpose.  Any income from sources not related to our purpose will be considered "Unrelated Business Income".  It must be tracked separately and taxes must be paid on it accordingly.
  
 
===501(c)(7) Social and Recreational Clubs===
 
===501(c)(7) Social and Recreational Clubs===
 
This organization type is not being considered at this time.
 
This organization type is not being considered at this time.

Revision as of 14:55, 11 November 2012

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