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Meridian Idaho Form 851: What You Should Know

For Your Business: Form 851-A—For Large Businesses, (See attachments to this article for other business type forms.) Form 851 — Nonprofit Corporations Small Business Tax Tip 851-A — Small Business Tax Tip for Businesses In the United States What Business Owners Can Do for Federal Tax If your business has less than twenty employees and gross receipts of 75,000 or less you are a nonprofit organization. In order to be a nonprofit, your financial statements must be open to public inspection, and you must have a registered agent who is not your employee. If you have a registered agent and are a 501c3 nonprofit then your financial statements must be open to public inspection. You must also have a business plan and be in compliance with all federal financial reporting rules. How to Pay Your Taxes When You are a Nonprofit The IRS requires taxpayers to file a Form 990 and Form 990-A if they have gross receipts of 75,000 or less and have paid 600,000 or less in federal taxes during the prior year. Many nonprofits have to pay state taxes. You must file and pay a form called Nonprofit State Income Tax Return form 5500 or 5800. This is part of a state income tax return form filed with your state. The IRS must approve the return for the state. Nonprofit Organizations, Including Churches, Must File Form 990 The IRS requires that church tax forms be filed as a section 501(c)(3), not a section 501(c)(4). This would include a church of a different denomination; or a church that is affiliated with another church, synagogue, house of worship, school, hospital, convention or lodge, etc. Tax-exempt churches must file a Form 990-EZ. How to File the IRS Form 990 — IRS You must file the 990, Schedule H or any other IRS Forms 990 or 990-EZ by April 15 each year. If you do not file your 990 by April 15, the date the return is due to be filed with the IRS, you have to pay an administrative penalty of 50% of the tax due. How to File Income Tax Return for Churches, Religious Organizations and Other Tax-Exempt Organizations Citizens for Tax Justice writes an article on church tax forms, and they provide additional information from the IRS that includes more examples that can help churches file their taxes correctly.

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