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TAXES and money in general

10 years 2 weeks ago #166450 by AmyK
Replied by AmyK on topic TAXES and money in general
www.ptotoday.com/startup-guide

PTO Today seems to have a well-organized, comprehensive guide for a situation like yours.

Another great article:

www.ptotoday.com/pto-today-articles/arti...xes-ptos-and-the-irs
10 years 1 month ago #166370 by mum24kids
If you only brought in $9k last year, and that was a pretty typical year, then you probably don't have any old tax liability. If you really want to be sure, you can do as gjcoran suggests and call the IRS with your EIN. But I would just focus on getting things fixed going forward. You can do one of two things. 1) If you have brought in less than $10k for the last four years, go ahead and file your application for examption and say that. You qualify for the lower application rate of $400.

Or, get incorporated and start a filing as a brand new organization who expects to bring in an average of $10k over the next four years. The new 1023-EZ is very simple to fill out, and then you will have everything straightened out once and for all, and just need to file a postcard return going forward.
10 years 1 month ago #166357 by gjcoram
If you have an EIN, then you can call the IRS exempt organization line and ask them. They were always friendly when I called them. The agent I got the first time told me that, not only had no 990s been filed, they actually had no record that our EIN had ever been issued (which, she said, was likely because it was issued before they computerized their records).
10 years 1 month ago #166354 by RPost78
We brought in around $9,000 last year.
10 years 1 month ago #166353 by mum24kids
How much revenue do you take in over the course of a year (on average, or at least just for last year?
10 years 1 month ago #166352 by RPost78
Sounds exactly like me. I'd really like to eventually leave the PTO in good working order! I definitely don't want to leave someone else with a mess. After all, it's the president's responsibility!

Someone have some answers for us?
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