ࡱ> OQNY R&bjbj 4HpepeR     Ts4t____N> """"""$ JF NNF  __[ _ _  _@Gs^ q0!l!! (FFd! : TAXES AND YOUR CLUB Non-Stock not for Profit Corporation All clubs should be incorporated Benefits: Protects Officers & Members from liability and protects personal assets from any legal action against club. The Club becomes a legal entity Identifies the Club as a non-profit Need a copy of Articles of Incorporation to apply for IRS tax exempt status How to apply: Wisconsin Department of Financial Institutions  HYPERLINK "http://www.wdfi.org" www.wdfi.org Simple form to apply - Cost $35.00 Should list purpose as a charitable organization under section 501(c)(3) of IRS code How to keep: Need to file an Annual Report. They do send a postcard reminder.  HYPERLINK "http://www.wdfi.org" www.wdfi.org, click on I want to file, then Annual Report and pay $10 via cc or e-check Can search for your club to ensure they are in good standing EIN (Employer Identification Number) All Clubs should have - Required for bank accounts Do Not use your personal Social Security No. Needed if hiring Employees Identification for IRS - Same as a Social Security number for an individual - 00-0000000 How to apply: Online at:  HYPERLINK "https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online" https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online paper form SS-4 No cost By-Laws All Clubs Should Have - Need a copy to apply for IRS tax exempt status Google Nonprofit bylaws for samples IRS Tax Exempt Status 501(c)(3) Charitable Organization Requirements: Must be incorporated as a non-stock not for profit corporation Articles of Incorporation must list the club as a charitable organization The organization must meet the requirements of the IRS code 501(c)(3) Assets must be dedicated to an exempt organization in the event of dissolution Organization must not be operated for the benefit of any private interest Benefits: Exempt from Income Taxes Eligible to receive tax deductable contributions Exempt from Personal Property Taxes Eligible to be exempt from Sales Taxes on all purchases Need to apply for a CES (Certificate of Exempt Status) from State of Wisconsin  HYPERLINK "https://www.revenue.wi.gov/Pages/FAQS/pcs-n-profit.aspx see #4" https://www.revenue.wi.gov/Pages/FAQS/pcs-n-profit.aspx see #4 - form S-103 Disadvantages: Can be difficult to receive status Restrictions on political and legislative activities How to Apply: If annual gross receipts are under $5,000 and meet requirements for a 501(c)3 organization Considered tax exempt, but must be filing 990N IRS Form 1023 - 12 page application - 5 years financial records Cost: $600 - $275 for reinstatement How to keep: Must file annually by the 15th day of the 5th month after the end of your fiscal year. If you do not file for 3 years you will lose your tax exempt status Form 990 if gross receipts are more than $200,000 and assets >$500.000 Form 990EZ if gross receipts are between $50,000 & $200,000 and assets <$500.000 990N (e-postcard) if gross receipts are less than $50,000 - no paper form, to be done online To File 990N go to:  HYPERLINK "http://www.irs.gov/990n" www.irs.gov/990n Information needed: Organizations legal name Organizations mailing address Organizations website (if you have one) Employer Identification Number (EIN) Name & address of a principal officer Organizations tax year (calendar or fiscal) Answer 2 questions Are your gross receipts less than $50,000? Has your organization gone out of business? For more info on compliance:  HYPERLINK "https://www.irs.gov/pub/irs-pdf/p4221nc.pdf" https://www.irs.gov/pub/irs-pdf/p4221nc.pdf 501(c)(4) Social Welfare Organization Benefits: - Easier to receive determination than for a 501(c)(3) charitable organization - Exempt from Income Taxes - Exempt from Personal Property Taxes - Some restrictions on political activities see Pub 557 must obtain an exemption to legally participate in political activity on behalf of or in opposition to candidates for public office Disadvantages: Not eligible to except tax deductable donations Not eligible to be exempt from WI sales tax How to apply: New organization (within 60 days) use e-Form 8976, Notice of intent to operate as 501(c)4 IRS Form 1024-A - 4 page application 3 years financial records  HYPERLINK "https://www.irs.gov/pub/irs-pdf/f1024a.pdf" https://www.irs.gov/pub/irs-pdf/f1024a.pdf Cost to apply same as 501(c)(3) How to keep: Must file same forms as 501(c)(3) If you dont file for 3 years you will lose your status For more info on compliance:  HYPERLINK "https://www.irs.gov/pub/irs-pdf/p4221nc.pdf" https://www.irs.gov/pub/irs-pdf/p4221nc.pdf 501(c)7 Social & Recreation Club Majority of its revenue comes from membership fees and dues Benefits: Easier to receive determination than 501(c)(3) charitable No restrictions on political activities Exempt from Income Taxes Exempt from Personal Property Taxes Disadvantages: Not eligible to except tax deductable donations Not eligible to be exempt from WI sales tax How to apply: IRS Form 1024 more complicated than Form 1024-A Cost to apply same as 501(c)(3) How to keep: Must file same forms as 501(c)(3) If you dont file for 3 years you will lose your status For more info on compliance:  HYPERLINK "https://www.irs.gov/pub/irs-pdf/p4221nc.pdf" https://www.irs.gov/pub/irs-pdf/p4221nc.pdf Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses. Examples of gross receipts for a snowmobile club: dues, membership fees, total revenue taken in from a fundraiser, payments from county for trail maintenance. Once status has been revoked for not filing a 990, 990EZ or 990N e-postcard for 3 years, club must submit Form 1023, 1023EZ, 1024, or 1024-A to be reinstated. If done within 15 months of revocation they can be reinstated to the original date of determination. But if it has been more than 15 months or if they have never filed they would be reinstated to the post-mark date on their application. Sales Tax Exemption Groomers and attachments are exempt from sales if purchased by a snowmobile club This doesnt require tax exempt status Other Requirements IRS Form 1099 MISC - use to report payments to another person or business who is not an employee Form 1099 MISC needs to be provided to each income recipient by January 31 Form 1099 MISC must be submitted to the IRS by February 28 Payroll Taxes - If your club has paid employees you must file an IRS Form 944 Wages are subject to withholding Form W-2 is used to report wages to an employee Raffle License For more information:  HYPERLINK "https://doa.wi.gov/Pages/LicensesHearings/RaffleLicense.aspx" https://doa.wi.gov/Pages/LicensesHearings/RaffleLicense.aspx Need to file annual report and renewal application Cost: $25.00 per year easier to renew than to apply for new Must use proceeds for the organization purpose Snowmobile Clubs are required to prove they maintain trails or explain if their purpose is something else Know what is allowed and what is not, many raffles conducted by clubs are not conducted properly &,89pyzw  $ y z ǿǬǬǬNjǬǬuj[j[jh`h`CJUaJh`h`CJaJh`h/?CJaJh`hdkTCJaJh CJaJhQh\-d0JCJaJjh\-dCJUaJh\-dCJaJh`hO~CJaJhO~CJaJh`hTiCJaJh`h`5CJaJh`h/?5CJaJh`hTi5CJaJhTi5CJ$aJ$!9Z& w  y z V . 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