Some guilds
have IRS Exempt Organization status as educational & charitable
groups. This allows them to receive donations that the donor can
use as a tax deduction, if the tax laws are followed.
It may offer some limited legal protections to the group.
Having this status allows a group to apply to the State of
Florida for an exemption from paying state sales and use taxes.
(see Sales Tax Exemption above)
To learn more about this:
http://www.irs.gov/
Click
on “Charities & Other Non Profits”
near the top
of the page.
The info you need most is on the left side bar
Highly recommended:
Sign up for the EO Newsletter
The easiest way to learn all about this
is at:
http://www.stayexempt.org/
There is
a free online training that takes 3 hours (probably less) and is
written is a very simple style.
Also at the top of the page, upper right corner, click on the
“FAQ” (Frequently Asked Questions) to find some quick answers. |
