You can avail the benefits of 501C3 only after registering as a 501C3 organization. Form 1023 or Form 1023-EZ is used to apply for the status of 501C3. Most of the non-profit organizations seek professional help in this step. However, you can also fill out the form carefully on your own.Submit the form to Internal Revenue Services. You will apply for Florida tax exemptions in the next step.
- Submission Method: The only approved method for submitting form 1023 is to submit by mail.
- Fee: $400 - $850 for the IRS
- Time: For form 1023-EZ, it requires less than a month and for Form 1023, it takes around 3-4 months to apply for 501C3 in the process of how to set up a 501C3 in Florida
Apply for Tax Exemptions
When people ask about how to set up a 501C3 in Florida, they also want to get detailed information about tax exemptions. The non-profit organizations in Florida have to pay the corporate income tax. However, the 501C3 non-profit organizations are exempted from the tax r certain provisions. these organizations can apply for the tax exemption status by filing Form F-1120 to file Florida corporate income tax return.
The gross income rules vary in the process of how to set up a 501C3 in Florida. According to the Florida state rules, the non-profit organizations do not need to file their taxes if their gross per annum income after one year is less than $7500, or less than $12000 after two years, or less than $15000 after three years, and such.
You need to file Form DR-5 Florida Application for Consumer's Certificate of Exemption under Chapter 212, Florida Statutes. There is no fee for the Certificate of Exemption.
Register for Fundraising
You need to register with the states where you want to raise the funds. Register with the Division of Consumer Services for registering in the state of Florida. You need to get Charitable Organizations Form or Sponsors Registration Application to register with the Division to complete the process of how to set up a 501C3 in Florida. The total fee is $10-$400 depending on the per annum revenue prior to the fiscal year.
Make sure to notarize the signatures of the CFO if needed. The non-profit organizations solicited at Florida highway should also obtain a permission of operations. You will need the permission from the Local Department of Transport Maintenance Unit.
After registering for the fundraising in the process of how to set up a 501C3 in Florida, you can start the operations of your non-profit organization. Make sure to obtain the other licenses and permits required to sustain your operations. Maintain your records and make sure to use a disclosure statement when communicating with the donors.
With this guide on how to set up a 501C3 in Florida, you will be able to not only set up your organization but operate within the legal jurisdictions.
If you need help setting up a 501c3 in Florida please call us at 407-344-1012, or email us at info@freedomtaxfl.com, or visit www.freedomtaxfl.com
Source: http://freedomtaxaccounting.com/how-to-set-up-a-501c3-in-florida/
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