Hi there. It's Ok. Just start moving forward now. You can take the steps to file for 501(c)(3) status with the IRS. It costs $275 (for groups that bring in less than $50,000 per year) and you can file online It is not true that "everything could come back on" you. Essentially, the IRS wants to see groups making a good faith effort to go through this process. Go to this link to get more details and links to the IRS for filing. http://www.ptotoday.com/blog/8219-good-news-for-ptos-irs-cuts-501-c-3-application-fee-to-275
Take it one step at a time an it will all work out. This article is also really helpful:
501(c)(3) for PTOs
http://www.ptotoday.com/pto-today-articles/article/394-501c3-for-ptos
Rose
- Rose H
Links in this post:
We had been told there was a minimum of $5000 before the IRS wanted you to apply for 501C3. We only bring in $500 a year as we don't do fundraisers. We just pay taxes if we have to purchase anything. So are you saying we still need to become 501c3?
- llambert
Links in this post: