What to do if we are currently a nonprofit S corporation and want to apply for 501 (c) (3) status?
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What to do if we are currently a nonprofit S corporation and want to apply for 501 (c) (3) status?
We are not sure exactly what is needed (i.e. filling out Forms 1023 and 990). Our gross receipts are under $5k; we want 501c3 status mainly so that donations to our organization will be tax deductable. How should we proceed?
Asked on December 25, 2012 under Business Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The best way for you to transfer status of your tax exempt S corporation to that of a tax exempt C corporation would be for you to consult with a business/tax attorney to submit completed applications for such a change to the Internal Revenue Service. Such changes are quite frequent.
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