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Video instructions and help with filling out and completing How to dissolve a corporation with the irs
Americans will file approximately 150 million personal tax returns this April but for a growing number of Americans they won't see a tax refund instead they'll own money and millions won't be able to pay on time today we have Daniel J pillow tax problem solver for over 40 years and author of over 14 books on tax problem resolution dan you're known as the nation's top tax problem solving expert what got you involved in this industry well wait I've been doing this for 40 years I got started as a result of problems my father had with the IRS he had a small business in our hometown of st. Paul Minnesota got behind on his employees withholding taxes and in 1974 the IRS padlocked the doors on his shop auctioned the equipment off for a couple cents on the dollar and then a couple years later they turned their attention to our family home and they tried to seize and sell it for the back tax liability and that's how I got started I came home one day my mom was sitting at the table and she's got this letter from the IRS in her hands and she's reading it and I came and come in the door and she hands this thing to me and she says what do you make of this and I read it and I said well looks like they're gonna try to take the house and she said what do we do and of course I had no idea what to do but what I did do is I went down the local law library I started fumbling around in the Internal Revenue Code and I didn't even know what I was looking for wait because I was you know I was 18 years old at the time so I'm fumbling around in the tax code not knowing what I'm looking for and I literally stumbled onto a section of the tax code that deals with taxpayers rights issues and limits the power of the IRS and I started reading in this code section and I didn't get six pages into it and discovered that the IRS was proceeding illegally to seize that home all right they were they weren't doing what the law said they had to do and so you know I did what any 18 year old would do under the circumstances I sued the IRS and I and I found myself in a courtroom in Minneapolis and and and and the IRS had flown this attorney in from from the Justice Department in Washington to have my case thrown out so I stand up in front of the judge and I say judge you know the law says this and they're and they're not following the law and they odd you know they shouldn't be able to get a get away with this and and I sat down and my argument was about that policy it's about.
FAQ
When dissolving an LLC do you need to fill out IRS Form 966?
The answer will be yes or no depending on how your entity is recognized for tax purposes. An LLC is not a recognized entity by the IRS. By default, a single-member LLC is organized for tax purposes as a sole proprietorship and a partnership for tax purposes if there is more than one member. However, you can make an election to be taxed as a C Corporation (i.e., an LLC for legal purposes that is taxed as a C Corporation for tax purposes).You must complete and file form 966 to dissolve your LLC if you have elected to be a C Corporation or a Cooperative (Coop) for tax purposes. S Corporations and tax-exempt non-profits are exempt from filing this form (see here).If you are organized for tax purposes as an S Corporation you would file your taxes via form 1120S for the last time and check the box indicating that your return is a “Final Return.” Same is true for a Partnership, but with form 1065.On a state and local level, best practice is to check with your state and local agencies for requirements.For digestible information and tools for understanding how the tax landscape affects your business, visit Financial Telepathy
How can I start a church charity?
The steps for setting up a church charity depends on various factors, such as what state's law it will be formed under.A church and a charity of a church generally seek recognition as organizations exempt from taxation under section 501(c)(3) of the US Tax Code. These are the steps for setting up a New York 501(c)(3) not-for-profit corporation:Gather people to serve as the directors of the nonprofit. New York requires a minimum of three directors. For 501(c)(3), at least a majority of the directors cannot be related by blood, marriage, adoption or business.Prepare the certificate of incorporation for the New York not for profit corporation. It must include the necessary 501(c)(3) language, particularly with respect to the corporation having a 501(c)(3) permitted purpose and for assets to be distributed for 501(c)(3) purposes if the corporation dissolves. File the Certificate with the NY department of state, division of corporations, with the requisite filing fee. We normally pay $25 for the department to file within 24 hours of receipt. If you don't pay to expedite, it can take months. The corporation is formed when the certificate is filed.Prepare the corporate bylaws.Prepare the necessary policies. New York requires a conflicts of interest policy. For larger organizations, it also requires a whistleblower policy.Hold an initial meeting of directors to adopt the bylaws, ratify the certificate of incorporation, appoint officers, approve 501(c)(3) recognition application, and pass other resolutions such as with respect to bank accounts. The meeting must be recorded in the form of minutes and filed with the corporate minute book.Obtain an employment identification number from the IRS (the U.S. tax authority), either on the IRS website or by filling out SS4.Complete IRS Form 1023, the application for 501(c)(3) recognition. Some organizations also qualify to file Form 1023-EZ, the simplified application. Each form has its own pros and cons.Answer questions and prinformation, if requested by the IRS.Wait. 1023 can take 9 months to a year, sometimes even longer.Hopefully the IRS approves and issues an affirmative determination letter confirming the corporation's status as a 501(c)(3).Register as a charity with the office of the New York Attorney General or request an exemption from registration.As desired and appropriate, request New York corporate franchise tax, sales tax and property tax exemptions from the tax department.For more detail, with explanations, on how to form a New York 501(c)(3) Nonprofit, take a look at my blog posting here.
How can I register my NGO?
In India, The common forms of not-for-profit Organisations In India are Societies , Trust and Section 8 Companies.Section 8 companies are registered under companies act regulated by Ministry of corporate affairs and can be operated all over India.You can register section 8 company for registering an NGO and operate all over India. There is more flexibility in NGO in form of section 8 company as compared to society and trust.Benefits registering a NGO in form of Section 8 Company:Section 8 Company Registration are limited companies formed under the Companies Act having limited liability of members. Such company can be formed with just two persons if formed as a private limited company and can operate in any state without any additional formalities.Following are the process to set up Section 8 (Limited company):Getting Digital Signature of DirectorsGetting a DIN ( Director Identification Number )Name Availability Check & Application for Name Reservation/ ApprovalMake Application to central government for grant of License under section 8 and get the LicenseFile Incorporation application for getting Registration CertificateFor more details visit : Company Registration NGO Section
How would you go about starting a scientific nonprofit organization?
The steps for setting up a scientific nonprofit organization depends on various factors, such as what state's law it will be formed under.A scientific organization is generally eligible to be recognized as an organization exempt from taxation under section 501(c)(3) of the US Tax Code. These are the steps for setting up a New York 501(c)(3) not-for-profit corporation:Gather people to serve as the directors of the nonprofit. New York requires a minimum of three directors. For 501(c)(3), at least a majority of the directors cannot be related by blood, marriage, adoption or business.Prepare the certificate of incorporation for the New York not for profit corporation. It must include the necessary 501(c)(3) language, particularly with respect to the corporation having a 501(c)(3) permitted purpose and for assets to be distributed for 501(c)(3) purposes if the corporation dissolves. File the Certificate with the NY department of state, division of corporations, with the requisite filing fee. We normally pay $25 for the department to file within 24 hours of receipt. If you don't pay to expedite, it can take months. The corporation is formed when the certificate is filed.Prepare the corporate bylaws.Prepare the necessary policies. New York requires a conflicts of interest policy. For larger organizations, it also requires a whistleblower policy.Hold an initial meeting of directors to adopt the bylaws, ratify the certificate of incorporation, appoint officers, approve 501(c)(3) recognition application, and pass other resolutions such as with respect to bank accounts. The meeting must be recorded in the form of minutes and filed with the corporate minute book.Obtain an employment identification number from the IRS (the U.S. tax authority), either on the IRS website or by filling out SS4.Complete IRS Form 1023, the application for 501(c)(3) recognition. Some organizations also qualify to file Form 1023-EZ, the simplified application. Each form has its own pros and cons.Answer questions and prinformation, if requested by the IRS.Wait. 1023 can take 9 months to a year, sometimes even longer.Hopefully the IRS approves and issues an affirmative determination letter confirming the corporation's status as a 501(c)(3).As appropriate, register as a charity with the office of the New York Attorney General or request an exemption from registration.As desired and appropriate, request New York corporate franchise tax, sales tax and property tax exemptions from the tax department.For more detail, with explanations, on how to form a New York 501(c)(3) Nonprofit, take a look at my blog posting here.
How does one dissolve a 6 months old Delaware corporation without having to pay the $204 dissolving fees?
Your franchise taxes owed to the state of Delaware will continue to accrue until you dissolve the corporation but there currently are no legal penalties for outstanding or delinquent franchise taxes owed to Delaware, so in theory you can do nothing and you will just continue to rack up taxes and tax penalties (monetary). But the corporation cannot be dissolved until all franchise taxes are paid and current. If they change their laws in the future, however, they may be able to seek legal prosecution. I know this because I am in the same situation, and I recently spoke to the Delaware Division of Corporations.
How do you create a nonprofit organization while in college?
In the United States, “nonprofit organization” usually refers to an organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code (US tax code) because it is organized and operated exclusively for charitable, educational or religious purposes. Forming this type of organization involves both a state component (the inderlying entity) and a federal component (federal tax-exemption). The process is the same whether inside or outside college.For the sake of simplicity, here are the steps for setting up a New York 501(c)(3) nonprofit:Gather people to serve as the directors of the nonprofit. New York requires a minimum of three directors. For 501(c)(3)s, at least a majority of the directors should not be related by blood, marriage, adoption or business.Prepare the certificate of incorporation for the New York not-for-profit corporation. It must include the necessary 501(c)(3) language, particularly with respect to the corporation having a 501(c)(3) permitted purpose and for assets to be distributed for 501(c)(3) purposes if the corporation dissolves. File the Certificate with the NY department of state, division of corporations, with the requisite filing fee. We normally pay $25 for the department to file within 24 hours of receipt. If you don't pay to expedite, it can sometimes take months. The corporation is formed when the certificate is filed.Prepare the corporate bylaws, which will address how the nonprofit will be governed, managed and operated.Prepare the necessary policies. New York requires a conflicts of interest policy. For larger organizations, it also requires a whistleblower policy.Hold an initial meeting of directors to adopt the bylaws, ratify the certificate of incorporation, appoint officers, approve 501(c)(3) recognition application, and pass other resolutions such as with respect to bank accounts. The meeting must be recorded in the form of minutes and filed with the corporate minute book.Obtain an employment identification number from the IRS (the U.S. tax authority), either on the IRS website or by filling out SS4.Complete IRS Form 1023, the application for 501(c)(3) recognition. Some organizations also qualify to file Form 1023-EZ, the simplified application. Each form has its own pros and cons.Answer questions and prinformation, if requested by the IRS.Wait. 1023 can take 9 months to a year, sometimes even longer.Hopefully the IRS approves and issues an affirmative determination letter confirming the corporation's status as a 501(c)(3).As appropriate, register as a charity with the office of the New York Attorney General or request an exemption from registration.As desired and appropriate, request New York corporate franchise tax, sales tax and property tax exemptions from the tax department.For more detail, with explanations, on how to form a New York 501(c)(3) nonprofit, feel free to take a look at my blog posting here.
If the IRS knows how much money we owe, why do we need to fill out returns?
Because the IRS doesn't know how much money you owe. They know approximately what you made, and they know a little bit about some of your deductions, but they don't know whether and to what extent you are entitled to additional deductions or credits, or whether and to what extent you earned money from transactions not reported to the IRS. Even on the transactions that were reported to the IRS, the IRS doesn't always know how much of that income is actually taxable - or at what rate.
Do I need to submit a 1099B to the IRS if I fill out the 8949 with broker summaries?
The IRS receives copies of any of your 1099s, you don’t need to submit them. However you do need to fill out the 8949 with all transactions, not summaries. Most tax programs like Turbotax will allow you to import the transactions and save you a lot of time. Tradelog ( specialty program) is by far the best trader’s tax program.As to the 400 pages, you can submit them by efile through Turbotax or by mail. It doesn’t matter.
I want to invest my IRS withholdings. How do I fill out a W-4 so my employer does not do federal withholding?
Legally you can’t. Those withholdings are not yours. They are payments towards your tax liability, made at the time that you earn the income. Pay as you go. It makes sense.So what you want to do is borrow money that isn’t really yours, interest free, invest it for a few months, and then pay it back the next year. Is that correct? While it’s not really permitted you can manage to get away with it. You can’t easily get away with stopping all withholding. That requires stating that you expect to pay zero taxes for the year, which you know is false. It looks suspicious and is easy for the feds to check. Instead, what you can do is reduce your withholding by claiming a large number of exemptions. That’s not nearly as suspicious. When you complete your return you’ll owe a lot of tax, which is clearly against the rules, but you’ll probably get away with it at least for a year or two and maybe longer depending on how lax the IRS is in enforcing the law on scamsters like yourself.I used to claim a large number of exemptions. It was legitimate since I actually had a lot of deductions at that time. But a couple of years I accidentally withheld too little money, more than a couple of thousand dollars. I paid the tax with my return and adjusted my withholding going forward and the IRS didn’t penalize me or question it afterwards. But if you’re talking about under withholding by a lot more than that and year after year then good luck. You might get caught, forced to pay a penalty and interest, and be flagged for special attention in the future.
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