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In a predicament..help!

5 years 9 months ago #172658 by CherylB
Replied by CherylB on topic In a predicament..help!
Hi Bonsinct,

You need to get an EIN number in order to open a bank account so this is a good first step. We also recommend incorporating first then file for federal tax-exempt status. Incorporating will protect the officers personal assets, it will create a clean slate (you can start from scratch) and if you incorporate as a nonprofit in your state then become tax-exempt at the federal level you can follow up and become exempt from paying state-level income and sales tax. Here are some links to help you out:

www.ptotoday.com/pto-today-articles/arti...-groups-legal-status
www.ptotoday.com/pto-today-articles/arti...hat-ptos-should-know

Best of luck Cheryl-PTO Today
5 years 10 months ago #172631 by Bonsinct
Hello,
I have recently taken over the treasurer position at our schools PTO. The old board discovered that we don’t have tax exempt status and taxes have never been filed! Arg! If I had known this I probably wouldn’t have volunteered.. but here I am. Anyway, a few of us discussed the possibility of becoming a PTA instead. I know we will have to apply for a new EIN number but can we do this? Since are essentially looking to start anew what happens to our current account with $12000 in it? I’m sorry if this has been asked before, I just don’t know what to do but know it’s important we are doing things legally and properly. Any guidance or feedback is appreciated. We are a small PTO and not generating a ton of funds. Thanks!
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