Just to clarify...we have the funds to pay for the application (I think we typically have about a $15k carryover), but the $750 would have to approved by the group before it could be spent
The way around all that is to dissolve the current organization and start fresh with the new group.
There is no advantage to having your group be 10 years old. (Except for your experience, which you all still have.)
If there are no bylaws, I assume it's not incorporated. The new group will be born on the incorporation date.
The filing fee is very small compared to the advantages of being a legit nonprofit organization. You can sperad the process out over up to 15 months, so you can save up a little bit monthly as you work on the application.
If you don't expect too much from me, you might not be let down. <img src=images/smilies/smile.gif>
We are a PTO that has been in existance around 10 years. Our gross revenues are well above the limit for needing to be registered as a 501c3. I took over as Treasurer in May and really feel this is something that our PTO needs to do (along with getting some written bylaws).
My question is are we going to be hit with some penalties or such from the IRS for not filing before now? It never even occurred to the previous board (or even the treasurer before that who I've called looking for old records) that this is something that should have been done.
Will we end up owing "back taxes"?
Will we have to file some type of returns for previous years? Or how is it handled?
And if I am defeated (ie they won't approve the $750 for the applications), then what are the potential reprucussions for the PTO?
