Question: How much to pay with 1023 form

I’m working on the 1023 form and it gives 2 different dollar amounts to pay. This is our first school year and so we don’t know how much we will be able to raise. If we pay the $400 for raising less than $10,000 what will happen if we raise more than that will they come back and want more money or fine us for not paying the $850 in the first place?

Asked by j_wright1976@hotmail.com

Answers:

Advice from PTO Today

Craig writes:
You're OK paying the lesser amount, but make sure all the financial information you provide supports that. Our experience is that the IRS cares mostly that you file in the first place. If you make a good-faith estimate, you won't have any trouble even if you are successful at raising more money.