any accountants out there that i can ask a question?

[jackofall]

the first question would be what type of NFP
1-shul
2-school
3- Public Charity
4 Private Foundation

next question would be
over $50k in annual revenue or under

3. for now under 50k

[Dawie]

3. for now under 50k

so do a regular (NFP) incorp in your state make sure to include the Purpose and Dissolution clause (possibly not able to do online in some states) get an EIN
then do a 1023ez

https://www.irs.gov/charities-non-profits/suggested-language-for-corporations-and-associations
https://sa.www4.irs.gov/modiein/individual/index.jsp
https://www.irs.gov/forms-pubs/about-form-1023ez

[jackofall]

so do a regular (NFP) incorp in your state make sure to include the Purpose and Dissolution clause (possibly not able to do online in some states) get an EIN
then do a 1023ez

https://www.irs.gov/charities-non-profits/suggested-language-for-corporations-and-associations
https://sa.www4.irs.gov/modiein/individual/index.jsp
https://www.irs.gov/forms-pubs/about-form-1023ez

Thanks. I will give this a shot.

[jackofall]

Thanks. I will give this a shot.

Success!

[Dawie]

Success!

you got the determination letter already?

[jackofall]

you got the determination letter already?

Yup.

[Dawie]

Yup.

wow thats quick!

[schneury]

What type of corporation would be best to set up for online sales?

[churnbabychurn]

What type of corporation would be best to set up for online sales?

Be aware of possible multistate taxation issues. (Where s corps pass through status may not always be recognized etc).

[ual902]

What is the deal with purchasing thousands of dollars from Bestbuy for a reseller who provides the buyer with a reseler tax exempt number for bestbuy, can the IRS go after the buyer who purchased using the reselers tax exempt number (AKA buying groups)?

[churnbabychurn]

What is the deal with purchasing thousands of dollars from Bestbuy for a reseller who provides the buyer with a reseler tax exempt number for bestbuy, can the IRS go after the buyer who purchased using the reselers tax exempt number (AKA buying groups)?

It would be the state... I guess technically yes, but the buyer can also register as he is also a reseller.
Unless the buyer is acting as an agent of the reseller... Would depend on the contract they have. (They *should* have)

[ual902]

It would be the state... I guess technically yes, but the buyer can also register as he is also a reseller.
Unless the buyer is acting as an agent of the reseller... Would depend on the contract they have. (They *should* have)

So the buyer is legally allowed to act as an agent for the reseller (NY State) and purchase with the resellers tax exempt?.

[churnbabychurn]

So the buyer is legally allowed to act as an agent for the reseller (NY State) and purchase with the resellers tax exempt?.

There is definitely an aurgument to be made that the buyer is in essence a dropshipper, and the reseller is the end user customer of the dropshipper.

So if the end user is exempt, then the exemption may be passed through...

I'm really just googling here

[afro]

I paid college tuition to an accredited kollel/yeshiva. Is there a form I/they need to fill out for the money to be tax exempt?

[yelped]

I paid college tuition to an accredited kollel/yeshiva. Is there a form I/they need to fill out for the money to be tax exempt?

1098t.

[afro]

1098t.

Thanks!

I also paid money to a Coopersmith testing center and got college credits. I doubt they will fill out 1098t but I do have copy of the check. Does that count?

[Smartypantz]

I missed the efiling deadline for 2016. I was waiting for various paperwork that finally came. What's the risk if paper filing? Owed a refund.

[A3]

I missed the efiling deadline for 2016. I was waiting for various paperwork that finally came. What's the risk if paper filing? Owed a refund.

A few extra weeks to process. Only option though unless you wanna wait till January

[Smartypantz]

A few extra weeks to process. Only option though unless you wanna wait till January

Is there a higher risk of audit/scrutiny?

[Jack out of the box]

Is there a higher risk of audit/scrutiny?

Probably not.