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Welcome to our newest member, LynchMob66 |
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03-26-2004, 01:18 AM
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GreekChat Member
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Join Date: Jan 2004
Location: Sacramento
Posts: 509
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Tax ID number
did you have a problem with tax id numbers? Some businesses require tax id number for fundraising......please let me know what to do............
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03-26-2004, 08:12 PM
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Join Date: Jul 2002
Location: Here, there, everywhere
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it's to prove that you have non profit status. nationals already have this set up for them. Non national groups have a bit of trouble cuz the actual tax id process costs about $300+. So you kinda have to fundraise to get recognized to fundraise.
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03-26-2004, 08:21 PM
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Join Date: Jun 2002
Location: Babyville!!! Yay!!!
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If you're a local, you definately should seek a lawyer's advise about becoming a tax exempt organization (i.e. a 501(c)(3) organization). You can get the forms and everything through the IRS, but it's a very complicated process and you'd probably have to have some alumnae get involved.
Also, if you're not established as a corporation, you're also going to have some trouble.
If it's something you're serious about, seek a lawyer that specializes in non-profit organizations. You could find one by calling your county's Bar Association- they probably have a Lawyer Referral Service.
If you need a recommendation for your area, PM me and i'll ask my Non-Profit Organization Law professor if they can recommend someone.
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03-27-2004, 03:37 PM
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Join Date: Jan 2001
Location: Cleveland Rocks!
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We got our tax ID # so long ago that I couldn't tell you anything about it. Sorry
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ALPHA THETA CHI - FOUNDED 1989 / BETA NU 1996 letters4life
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04-14-2004, 03:28 PM
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Super Moderator
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Join Date: Feb 2002
Location: Oklahoma City, Oklahoma
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Quote:
Originally posted by kddani
If you're a local, you definately should seek a lawyer's advise about becoming a tax exempt organization (i.e. a 501(c)(3) organization). You can get the forms and everything through the IRS, but it's a very complicated process and you'd probably have to have some alumnae get involved.
Also, if you're not established as a corporation, you're also going to have some trouble.
If it's something you're serious about, seek a lawyer that specializes in non-profit organizations. You could find one by calling your county's Bar Association- they probably have a Lawyer Referral Service.
If you need a recommendation for your area, PM me and i'll ask my Non-Profit Organization Law professor if they can recommend someone.
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Fraternal organizations don't qualify for 501c3. We do, however, qualify for 501c7. You can download the forms from IRS's website at irs.gov.
Yeah, it really is a huge pain in the ass though.
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Mu Tau 5, Central Oklahoma
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04-16-2004, 12:28 AM
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Join Date: Jan 2004
Location: Sacramento
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I wonder how hard it is or how much it costs........I also have to do it for my honor society the Chi Sigma Iota......it sucks.....I have no experience with taxes since I am young
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06-18-2004, 05:08 AM
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Join Date: Jan 2004
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does the frat/sorority have to file taxes???
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06-18-2004, 08:19 AM
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Join Date: Jan 2001
Location: New England
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I just called up headquarters to get the tax ID for my chapter...I called the financial dept. and it didn't take too long at all.
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11-18-2004, 01:54 PM
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Join Date: Nov 2004
Location: Richardson, Tx
Posts: 20
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The Employer Identification Number is the one you want, its synomomous with a Tax ID Number. It is extremly easy to get, and in fact can be done online now.
The hard thing to get however (and the one that requires the $$$ and the Lawyers) is to get a Tax Exemption Number, which is the number that says you don't pay sales taxes (like churches or state agencies).
The EIN/Tax ID is what allows you to establish a bank account for an organization. Usually business require that information because that is whom they write the check out to, instead of trusting it in the hands of a individual. On the SS-4 form (or if you call) there's a question that you put that your a Non Profit Organization.
I work in the Student Organization Office at this university, and we are asked about this quite a bit.
Last edited by robertkyxiota; 11-18-2004 at 02:01 PM.
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01-03-2005, 11:15 PM
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Join Date: Jun 2000
Location: Northern NJ
Posts: 797
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Quote:
Originally posted by BabyP
does the frat/sorority have to file taxes???
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We own our house and have to pay thousands in property taxes each year. It's amazing how fast you grow up when you become the treasurer of the fraternity, lol!
RUgreek
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01-04-2005, 12:49 AM
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Join Date: Mar 2002
Location: Out of Arkansas, into VIRGINIA!!
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Quote:
Originally posted by robertkyxiota
The Employer Identification Number is the one you want, its synomomous with a Tax ID Number. It is extremly easy to get, and in fact can be done online now.
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But if you don't have any employees, then why/how would you get an Employer Identification Number? (I understand that if your Housing Corp has a houseparent as an employee, then it's different).
Our HQ took care of the Tax ID's for each chapter...it's the number used to open our checking/savings accounts (instead of a member's SSN).
PsychTau
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11-30-2005, 05:24 PM
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Join Date: Nov 2005
Location: The interwebs. I understand it's a "series of tubes."
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I'm in the process of trying to do this for my specific chapter's philanthropy committee, so eventually donations to our philanthropy can be tax-deductable. You need to have an employer id number to even start the process of becoming a tax-exempt organization (even if you have no employees).
Getting the EID is actually really easy, you just fill out a form on the irs page, irs.gov
good luck
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TEII
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12-01-2005, 11:16 AM
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pscyhtau....
many orgs get a EIN so they can open a checking account without using an individual's SSN. no employees needed and that doesn't mean you have to file taxes. i don't think you have to file taxes unless you make more that $5,000 per year. most non-greek orgs don't have to worry about it.
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12-03-2005, 04:34 PM
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Super Moderator
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Join Date: Feb 2002
Location: Oklahoma City, Oklahoma
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Quote:
Originally posted by gpb1874
pscyhtau....
many orgs get a EIN so they can open a checking account without using an individual's SSN. no employees needed and that doesn't mean you have to file taxes. i don't think you have to file taxes unless you make more that $5,000 per year. most non-greek orgs don't have to worry about it.
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If you think that, I'd recommend your chapter either find an alum who is a CPA or tax lawyer, or at least hire one.
If you're wrong, it's going to cost you .
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Mu Tau 5, Central Oklahoma
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11-19-2007, 12:11 PM
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Join Date: Mar 2001
Location: Clairton, PA
Posts: 122
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Quote:
Originally Posted by Kevin
If you think that, I'd recommend your chapter either find an alum who is a CPA or tax lawyer, or at least hire one.
If you're wrong, it's going to cost you .
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It depends on the state where the organization's annual report is filed. For the Feds, it's actually $25,000 in most cases.
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