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FIB - Scams 101
Re: Non profit question
Posted By: Bill, the Roadie In Response To: Non profit question (Andras Nagy)
Date: Wednesday, October 24, 2007, at 10:18 a.m.(pst)
In Response To: Non profit question (Andras Nagy)
>> If I wanted to open a non-profit corporation how hard would that be?
>> Here is my dilemma. I am an ordained minister who is into yoga and the
>> occult sciences. I have started offering numerology service recently and I
>> am thinking of exploring the venue of a non-profit path.
What would make you think that any person providing a service would (or should) be tax-exempt? Your ministry may be exempt, but unrelated services don't have any shelter, as I understand the law. It's income to you - you need to pay taxes. Why is this such a bad thing?
A tax-exempt organization needs a board of directors, but you can't pay them:
Employees of the tax-exempt organization routinely get paid, but their salaries are taxable as personal income to them, just like any job.
You need a lawyer, though - if you're attempting to push the envelope into a gray area like this.
"Tax-exempt organizations, by definition, are exempt from federal income tax under various provisions of the Internal Revenue Code. However, some are directly involved in Abusive Tax Avoidance Transactions (ATATs). In addition, because they are tax-indifferent, tax-exempt organizations are, at times, used by for-profit entities as accommodation parties in these transactions. Identifying and responding to ATATs involving tax-exempt organizations is critical to the IRS objective of discouraging and deterring non-compliance within tax-exempt and government entities. Commissioner Everson emphasized this in a hearing conducted by the Committee on Finance, U.S. Senate on Charitable Giving Problems and Best Practices."
Messages In This Thread
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