Our PTO is NOT 501c exempt so what tax forms do we need to file??
Asked by jennnp30
Advice from PTO TodayCraig writes:
If your group is independent -- you have your own bank account under your own EIN -- you should file IRS form 1023, the application for tax-exempt status. I know, that sounds smart alecky, but it's really the answer. If you're not a tax-exempt nonprofit, the alternative is that you're a tax-paying business. But you certainly don't want to pay business income taxes on the money you raise. The good news is that the IRS doesn't want to track you down and make you pay taxes; they want to track you down and make you apply for tax-exempt status. Tax-exempt status is retroactive, too. Read the article 501(c)(3) for PTOs for more information.
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