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Did you Know... Charities operating under $5,000 may have tax exempt status without filing for formal IRS recognition?

Public Charity - Exemption Application

Public Charity - Exemption Application


To be exempt under section 501(c)(3), an organization must file an application for recognition of exemption with the IRS. The law provides limited exceptions to the filing requirement.

The form required to apply for exemption under section 501(c)(3) is Form 1023. Form 1023 has instructions and checklists to help you provide the information required to process your application. The IRS will not process an incomplete application.

See When to File for an explanation of the deadlines for filing Form 1023.

Exceptions to Application Requirement

The following organizations are excepted from the exemption application requirement:

*
Churches, their integrated auxiliaries, and conventions or associations of churches; and
*
An organization that is not a private foundation and the gross receipts of which in each taxable year are normally not more than $5,000.

Help a charity with a discount and help yourself with a dediction

Your business may be able to deduct discounts to non-profits.

Charitable Contributions

Doing good can also be good for your bottom line. If you donate land so the local homeless shelter can build a new facility to house more people, you can write off the full market value...


But Congress recently tightened the rules for substantiating donations
of money. As of Jan. 1, 2007, cash contributions, no matter how small,
can't be written off unless you have a canceled check, bank record, or
a receipt with the charity's name and donation amount...

For property worth more than $5,000 ($10,000 for stock in closely held firms), you'll need to get a formal appraisal...

You can take the deduction for your contribution in the year that you make it...


The IRS has an online search tool that allows you to enter the name and
location of an organization and find out instantly whether it passes
muster. Go to http://apps.irs.gov/app/pub78.

Get started the right way!

Starting a Nonprofit Organization

Written by Carter McNamara, MBA, PhD, Authenticity Consulting, LLC. Copyright 1997-2007.

Adapted from the Field
Guide to Developing and Operating Your Nonprofit Board of Directors.

Applies to nonprofits unless otherwise noted.



This topic in the Library provides comprehensive advice and
materials for anyone who is considering starting a nonprofit organization.
The reader can use the free information in this Library topic,
along with other Library topics that are referenced later

Consumer Financial Services from Operation Hope

OperationHope.org

HOPE Center, Oakland

3062 East 9th Street

Oakland, California 94601

Telephone: 510 535 6700

Facsimile: 510 535 6704

email: oakland@operationhope.org

Monday through Friday 9am - 7pm

Saturday 10am - 2pm
Sunday - Closed

We The People...a recommendation

Get in touch with Ian for professional preparation of your articles of incorporation for your nonprofit, then come and see me--the tax man-- for your IRS recognition of nonprofit status filing.

The Tax Man @ b2bs2s.org ~ 1.510.268.1126

We The People Franchisee :: Oakland, CA

Address: 244 Grand Ave.
Oakland, CA 94610
Phone: (510) 452-2320
Fax: (510) 452-2324
Email: oaklandCA@wethepeopleusa.com
Hours: Day From To By Appt.
SUNDAY By appointment only
MONDAY 10:00 6:00
TUESDAY 10:00 6:00
WEDNESDAY 10:00 6:00
THURSDAY 10:00 6:00
FRIDAY 10:00 6:00
SATURDAY 10:00 2:00
SPECIAL Early mornings or evenings by appointment

PROBATE. What it is and when you need it in California.

Probate Court How to Probate a Decedent's Estate

1.

1. What is probate?

Probate is when the court supervises the processes that transfer legal title of property from the estate of the person who has died (the "decedent") to his or her beneficiaries.

Usually, you have to fill out court forms and appear in court to:

* Prove to the Court that the Will is valid (this is usually routine),
* Appoint a legal representative with authority to act on behalf of the decedent,
* Identify and inventory the decedent's property, and have that property appraised,
* Pay debts and taxes, and
* Distribute the remaining property according to the terms of the Will or to the decedent's heirs.

2. Is probate necessary?

If the person who died did not have any property to transfer, probate is usually not necessary. The deceased person’s survivors may decide to open a probate if there are debts owed or if there is a need to set a deadline for creditors to file claims.

When there is property to transfer the probate process also provides for the distribution of the estate's property to the decedent's heirs.

3. Does all property go through probate when a person dies?

No. The term "probate estate" refers to any property subject to the authority of the probate court. Assets distributed outside the probate process are part of a person's “non-probate estate.”

California has "simplified procedures" for transferring property for estates worth under a certain amount (from $20,000 to $100,000 depending on the circumstances and the kind of property).

There is also an easy way to transfer property to a surviving spouse, property held in Joint Tenancy and life insurance and retirement benefits.

To learn more about these simplified procedures, see the Simplified Probate Procedures section of this website.

4. Should I choose the simplified procedures?

Not necessarily. Talk to a probate lawyer. There may be debts or tax claims that make probate a better option for you. If there are a lot of issues to handle, going through probate allows you to pay the person who deals with the creditors and taxing authorities.

5. Do life insurance or retirement benefits need to go through probate?

No. The benefits can be paid directly to a named beneficiary. Money from IRAs, Keoghs, and 401(k) accounts transfer automatically to the persons named as beneficiaries. Bank accounts that are set up as pay-on-death accounts (PODs) or "in trust for" accounts (a "Totten Trust") with a named beneficiary also pass to the beneficiary without probate.

6. Do living trusts go through probate?

No. When a living trust holds title to some of the decedent's property, that property also passes to the beneficiaries without probate. (For more information, see the Financial and Medical Decision Making - Living Trusts section of this website.)