Question: How can I get a copy of my tax transcript from the IRS? Answer: The bankruptcy court requires tax returns or tax transcripts with your bankruptcy petition. Either one is acceptable. If you don't have a copy of your tax return you can request a tax...
Question: My Texas nonprofit corporation filed its IRS Form 1023 and applied to the IRS to become a tax-exempt charitable organization. The current average wait time for the IRS to approve an application for tax-exempt status is well over a year. Can we tell...
Question: If my nonprofit corporation files its IRS Form 1023 today, how long will it take before the IRS issues a letter approving the corporation as a tax-exempt Section 501(c) charitable organization? Answer: According the the IRS’ website page called “Where Is My...
Provide the required information on the principal officers and board of directors. List the following information for the principal officers and board of directors: Names;Mailing addresses;Titles and Positions;Annual compensation Ensure a director, trustee, principal...
Question.Why is the amount Treasury is collecting more than my SBA balance? Answer. Once an SBA loan is referred to the U.S. Treasury for collection under the U.S. Treasury Offset Program, collection fees may add up to 30% more to your SBA deficiency balance. It is...
Every organization that qualifies for tax exemption as an organization described in section 501(c)(3) is a private foundation unless it falls into one of the categories specifically excluded from the definition of that term (referred to in section 509(a)). In...
To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In...
Question: What is a Private Foundation? Answer: Organizations described in IRC Section 501(c)(3) fall into two categories: private foundations and public charities. Under Section 509, all organizations, domestic or foreign, described in Section 501(c)(3) are by...
