Non Profits?Last week, I had questioned a question a propos the taxability of a non profit corporation. In retrospect, I now realize that I don?t know I should have been more specific.
I live in a union that is governed by a Homeowner?s Association.
I have been told, that the Homeowner?s Association is vital to file an 1120H with the IRS. In the past, the association has never been vital to pay income taxes. Though, in filing the 2006 tax return, we were vital to pay approximately $ 3,650 in tax to the IRS.
What would have caused this? Under what part of the IRS code would I find bonus information a propos Homeowner?s Associations and what might or might not be taxable?
Answer by CPA/PFS
Non profits and charities can be theme to income tax, if they have UBTI (Unrelated Business Taxable Income).
This is a complex area of the tax code, but in the end it is there to place a non profit on an equal foothold as a for profit business. In your case, the home owner?s assn likely had UBTI from some of their actions. Check with their accountant.
Here is an model. Newman?s Own. It is really a charity ? but since it is a business that is unrelated to it?s charitable goal ? it has to pay income tax on it?s earnings. Read their marks closely and you will see that all proceeds, after tax, goes to charity.
Answer by wartz
The filing requirement is roofed in 26 USC 528
Answer by Judy
A non-profit is not automatically tax-exempt. And even a 501(c)3 tax exempt establishment can be taxed on income from sources unrelated to its tax-exempt function.
Sounds like the establishment showed a profit for last year, and earlier hadn?t.
Maybe some of the CPA?s on this board can give you information. Or you could lay the most recent return side by side with the previous year, and see what altered so much. Did you have a CPA arrange the returns, and if so, what did he or she say?
How do i now non-profits claim cash money that is thrown into a pool jar?I?ve thrown money into pool jars for many non-profits. I never get a receipt for the donation so I can?t claim it on taxes, nor is there prove of the donation. How do i know some or all of the money doesn?t end up in someones pockets that works for the non-profit?
Answer by hottotrot1_usa
You don?t know. You?d be better off mailing them a check.
Answer by batraylover
You don?t know where the money really goes. I?ve seen people throw money into plastic fishbowls further than of stores and on street corners where they are people holding signs claiming to be part of non profit organizations. I have experienced person a couple of ?red flag warnings? in my lifetime with these people, and now I refuse to donate in a collectin bin, and will mail a check or donate online for the non profit establishment that I choose to give money to.
My first red flag was a gentleman that used to stand out in front of a Vons grocery store every day for years. He claimed that he was part of an establishment and was collecting money. Well, I would dump my spare change in his pool container daily, and he would never tell me the name of the establishment. One day,when I didn?t have any spare change, I was standing near the construction next to it, and I watched the guy get in a Ferrari, take the money out of the container, and place it in his pocket. He had a cute blonde with him in the Ferrari, that was enough for me to never give him my spare change again.
A further reason occurred when a non profit establishment came to the front door of my parents house one day, collecting money. He claimed it was for a religious establishment, and my step dad often donated to such organizations. He was explaining what his establishment did, and my step dad said do you have information about your establishment or a pamphlet about it, and the guy said he could mail one. So my step dad said what is the take up of your head quarters and the guy gave a bogus take up. Of course we did not donate.
One other reason, a guy was going door to door promotion candy bars for $ 2 that he claimed the money was for an establishment. He had the candy bars in a Rubbermaid container. So, I bought one, not asking a lot about the establishment (I really wanted the chocolate). I later saw the same guy in the dollar store talking with his buddy saying how they were cleaning up in the locality and that they couldn?t wait until their trip to Vegas.
The fact of the matter is, you just never know where your money is going. It?s up to you to research an establishment, donate responsibly, and always demand a receipt.
What is the legal entity for a business where 100% of profits go to help a non-profit endeavor?My friend is now the CEO of an NPO, and wants to launch a for-profit business using the same model as his NPO and donating 100% of his profits to the non-profit. the function of the for-profit business is to add financial security to the non-profit and lessen reliance on grants, etc.
also, both the NPO and the for-profit would be under the same parent companionship. Even if the branding of the 2 companies would be under uncommon names.
so what is the legal entity for this? can it still be classified as a non-profit? an L3C? or would it still be billed as a for-profit agency. or something entirely uncommon?
Answer by Tax Chopper
The IRS will smell something then will call for major audit. Tell your friend to do it right, legal and to avoid doing something unacquainted of. He better consult with an attorney for this where there will be many papers to be filled for the IRS, desk of the state.
Answer by Free $ 4 YOU Home JOB CLICK ME$ $
I agree with what above answer said !
There is a way to do this for YOUR friend and it will financial help him greatly and it is legal !
How do people who work for non-profits make money?I want to open up my own school for disabled family one day. It would be a non-profit establishment. This may sound silly, but how do people who work for non-profits make money?
Answer by Julio C
ASSIGN A FAIR SALARY OF DONATION
Answer by Piggiepants
People who work for nonprofit organizations are paid by the establishment. In order to pay for overhead expenses, such as salary, the establishment must make sufficient revenue to do so. Nonprofits are funded by donations, foundations and grants, and must dedicate the major part of such revenue to the services for which the establishment was founded. Only about 15 to 25 percent of money the org. takes in should go to pay rent, utilities, gear, and salaries.
In most cases, nonprofits are ongoing and run by unpaid volunteers with a passion for solving the problems which the establishment was founded to take up. This allows time for the establishment to become sufficiently stable and to find dependable sources of funding before being able raise enough money to start paying staff. The essential success of any nonprofit establishment depends on how flourishing it is at getting the funds it needs to operate, and to grow.
Before you make any plans to start your own nonprofit, i fervently recommend that you volunteer your services and time at a nonprofit establishment or two so that you more fully be with you how such organizations operate on a daily basis, and how they obrtain the funds they need to do so..
How do i find a name who makes non profits as a living?My boss needs a non profit and wants me to find a name who?ll do it. I?ve been looking online and can?t find anyone who does this. Is there a name for this type of profession? How would you go about result a name who makes non profits for you?
Answer by Ricky
Kat, work with me here> your boss needs a non-profit for what?? He wants to turn the business into a not for profit surgical procedure?
If so, you need to file manifold forms to set up, & be approved. I?ve included the link from my alma mater Michigan State University. It?s an brilliant resource list of what needs to be done. (You might have to wait for 30 seconds or so for it to load.)
Hope you get the raise for this one!
Is there a way non-profits can ticket music for a cheaper price for use in Youtube videos?I know that you have to pay licensing fees to use ordinary music. I work at a non-profit and we?re looking to use some ordinary music in online videos (like top-40 stuff from years? past). I know this can be a bit expensive. Does anyone know if there is a discount for non-profits? Also, how do you go about paying the licensing fees?
Answer by inukjuak90
IT DEPENDS WHERE YOU?RE LOCATED:
http://www.ascap.com/about/
http://www.ascap.com/licensing/types.html
http://www.bmi.com/about/?link=navbar
http://www.bmi.com/licensing/entry/C1162/pdf533759_1/
http://www.prsformusic.com/users/Pages/non-payment.aspx
http://www.prsformusic.com/users/businessesandliveevents/musicforbusinesses/Pages/non-payment.aspx
http://www.socan.ca/jsp/en/pub/music_users/how_it_works.jsp#
http://www.socan.ca/jsp/en/pub/music_users/MU_FAQs.jsp
Source: http://bestcharity.info/non-profits/
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