2020 BACOMEL Capstone: Wyman Jackson

Listen1023 EZ Form MP41023 EZ Instructions PDFRegulations PPT

Transcript:

Lesson 2.1

Welcome to lesson 2 of 5

This lesson covers over the restrictions, and requirements that are important prior to starting a Non-profit

There is a checklist of the requirements and limitations.

We will be stepping into the eerily documents of making a nonprofit organization

In the back section of the 1023-EZ  from pages 13-20 is what we will review so you have the idea of what

----------- [Insert Checklist footage] ----------------  

This is a simple follow the boxes checklist.

For now we are going to create a fake company with ideas and income so that we can step our self’s through this

Mkia Co. pulled up and made as our company

So starting at one and moving down the list takes some time and is worth reading every question,

For this I will be doing the highlight questions so this can look a bit faster,

I mean by that is that I will explain in what the more confusing areas are meaning.

Starting at one, we will lump in 2 in the same category.

The Receipts are expenses, and earnings of the company. Listing out the documentation on one document.

We say yes, so later on we can show you the full documentation with the 1024 application

Three looks at the assets that the organization holds physical assets that hold value.

We are a simple company so We will put no, we can call the 50,000 receipt a property.

Following from here are a bundle set of questions listing four through five

This section covers over foreign companies that are coming to the united states. With clarifying if a Non-profit is moving between a foreign nation and the United States .

The 6^th question in this may seem odd, but it has its value as some NPO, are taken by powers and are attempted to move to the US.

This is clarity on terrorism as having status suspended on this suspect makes one indelible for application

Seven through nine are questions on formation of the company and the structure that the organization has.

Question 10 is a failure to register assignment that clarifies if the application has had status before and failed to uphold the documentation for it.

Number 11 asks about a different type of registered non-profit of a different branch from the foreign policy branch

From here there is a few more lumps for clearing of questions.

12 to 15 are related on religious organizations that have registered. As religious organization register under 170(b)(1)(A)(i)

As for Clarity 501 pr is the registration for certain corporations and trusts

501(r)(2)(A)(i) is an organization that operates a facility that is required by a State to be licensed, registered, or similarly recognized as a hospital. (Pulled from the IRS Website for definition)

As 501 (e) is recognition of tax exempt for Cooperation hospitals  

This comes up in question 16 and if your working for a hospital in the organization you would say no.

The following question is on education non-profit registration.

So as Im not starting a school I will be saying no to this.

As we push ever on to 18

The organization type that’s brought in this question is a charity that is made for only charitable purposes.

I’m making a nonprofit company I say no.

As I’m not making a support charity here I say no to 19, as 19 asks if the organization on the application is being made as a support, to charities.

In a way the 509 a 3 is the type of charity that gives money to charity. They have their value, as I can since someone going why when looking at this question. 

20 asks if your planning on giving monetary assistance.

I say no here too as I have no plans to open lines of credit, or offer any finance advice.

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I know this is a lot in a little time, if it’s not, well good on you this took me some time to put together and understand. If you feel like you’re getting it good.

So far we have covered two thirds of this checklist and gone over most of the definitions as we have gone.

It’s important to take your time on this type of document as lying and filling it out wrong when doing it for real can carry some serious punishments.

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Back into it at 21

This asks if you will be investing in a private market. You can do so but there is a limit, and it is suggested that you do not take up these actions.

In my response we will say no so we can bounce on ward.

As 22 can be seen as confusing, I will explain that in this it asks if you suffer losses finicality that you will not enter partnerships that will split the losses between two groups.

23 is asking about carbon credit, which is an allotted amount of carbon emissions that have the ability to be sold if not totally used up. 

24 is asking is pretty close to asking if we are insurance agency.

25 is on insurance as well as it asks if we are a different type of insurance origination

I’m not messing with that stuff so I say no to both of them.

26 here has the best descripting that I can use with the question, as is asks if your keeping any accounts that are linked to the organization, but are filed under a different tax registration.

27 is on public safety testers. The organizations that test goods to make sure that they are safe for public use.

28 is on being a private operation going without the public support

29 and 30 are on reinstatement of tax exempt and reclassification

At the end here it is a bit much, but as it goes they are mostly clarifying questions for the government party.

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Well that’s plenty of fun. An important detail for most nonprofits, is that they do not break the code of ethics that is held for non-profit companies.

As breaking these can result in revoking future non-profit rights, auditing, or seizure of assets with a banded law suit of misrepresentation.

You can find this hand book related on the IRS Website, and they have broken down version for ease of reading.

ListenForm 1024 MP41023 PPT

Transcript:

Script 3.1

Hello to all who have made the choice to stick around for lesson 3 of 5

In this lesson I will be showing the paperwork of the 1024, and show you the websites that you will need to go to.

As a start we will be going in to the websites, then the long task of form.

First we can show off the relevant IRS website.

--------- [IRS Website Capture] -------- https://www.irs.gov/forms-pubs/about-form-1024

Welcome to the IRS website, as you can see I have pulled up the page on about form 1024

This shows you the registration and most recent versions, changes, and some extra things that you may find helpful

It also links you to the other forms that are relevant to the idea of non-profit.

Each of the links connect you to the inner website or to the versions of the document.

As this is a legal document it is important to take into account yearly updates and changes, so the form that I will be filling out  later in this video may have changed,

So in order to keep yourself wise it is good to review this website and read over the newest form,

many areas tend to be the same over time, but some important things are added,

 and some are moved around in the document.

As an addition to showing you the root of the documents that I will be showing you

this is also a good place to learn about IRS forms as they have their own help guides to many of their simpler and individual forms

So if you do have any questions on forms and documentation this is a place to find the right information

Without being scammed, or mislead when trying to work the forms out.

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From here we will be getting into the task of filling out a form.

To start as previoulsly we will be Using the fake company of Mkia Co.

To be honest there is some boiler plate things that need to be addressed

First of all, any document used here is subject to change and revision

Two, leave no marks on pages that are left blank, its rather obvious which ones they don’t want you to mark

Three, There is a lot to this entire process, and I am doing my best to show you the choices made

Four, these documents can be denied and that should be present in your mind when filing

Five, there are a few basic forms that are needed on top of this but this has the largest part of the task and is the most needy for clarity.

Now then with the things said that needed to be, I can begin showing you what all there is in this little horror.

-------- [1024 Form] -------

Welcome to the races, I say a little joke before  showing you my frustration.

As it goes the first two pages are important as they have the address’s and the second page is to be left alone.

Now as we step into the forms at page 3.

We are going to be using Mkia Co. for our company,

And some addresses that we will use from an office that I have in Colorado

We will pick out letter a on the checklist. AS we will be a corporation, and as it goes this document can be determined.

These fall into section 1 for address and name of the company.

Section two here is the EIN Which is a number that you would receive after registration of a company name with your state.

As It happens we will just put zeros in this section

Section 3 is information and details on the person filling out the document, so that the IRS can contact the person filling out the documents so if needed they can get more information.

4 is on filling of yearly accounting, we will say December.

5 is the date that the company is formed.

We will say no on 6 as we have not applied for tax exempt before.

We will say no on 7 as well as we are just now forming.

One section 8 we will check on A of a corporation

Part 2 here now is where the things get interesting.

In this you will write a detailed summery of what the organization will, and has done.

I will write a bit of a summery that would be adequate.

In this company we are forward focused, and work to raise funds for cancer research. Creating products and selling products, acuminating funds for the sole purpose of donations and assisting patience. As We plan the organization will start these processes will begin as soon as we can as a company can get approval setting a desired date of this year by June 15. The people fulfilling the activates will be myself (Wyman Jackson) and the employees of Mkia Co.

Fun right? Secretion 2 of part 2 asks on income and who or where income is coming from.

Here we give them details and numbers to the best of ones ability, Since we will be trying to make our own income for our research we will say this

Mkia Co. 50,000

External donation 25,000

  Part three is asking for the people involved, and how much they are making off the company. I’m alone in this venture so I would write it out as

Wyman R. Jackson, XXX 5^th street W. Golden, CO, Founder                 10,000

Next is if we were growing out of another company, aw we are not we leave it empty and move on

5 is if we plan to ally ourselves with another company, we can say that will one day join forces with National cancer reach search center.

6 Following is if the company is holding any form of stocks, or shares. With any outstanding costs that have been paid.

7 is the qualification of membership. AS we are sole operation Membership is noticed employment

8 is how assets are going to be broken up if the company is being broken down.

We will say that all the assets will come back to me if all things are broken down.

Im not planning to sell shares of the company, so I say no to 9, if you are say yes and place a value, and breakdown to shareholders, with authority and preplanned distribution.

In 10 the question is if you have sold off services already and have either done the task or are planning to do it.

11 is if you have stake holders and have a payment plans to them you list yes and tell the amounts paid to them, I say no as I have no shareholders.

In this next one as 12 we have no large funds and will not be able to have employees for insurance we say no.

I am not binder by any government assistance I say no to 13.

14 is if you are leasing a property as I am a solo operation I say no, If you are say yes and give the details of the lease in the fill in section.

Following from here is 15, if you are working to support an election you sign yes, but as we are not focused to that we will say no on my.

16 is if I was publishing any forms of communications

AS we contine we are moving at rate. A little bit of a breather.

Section three is on the finances of the company. Its important that you file all this correctly and fill it out fully. IRS doesn’t play around with money.

As we are a starting company we will only have one year of taxes at best

We will fill in these numbers as we are, making up some numbers for everything

Then after filling out the revenue section we fill out the expenses section.

And finally we fill out the balance sheet

Onto Part 4, this part is mostly a give, as we are a fresh start and we will be saying yes to the first section.

If your just staring say yes if your within two years you can say yes to number 2 and you can skip this part.

From here we are in the first schedule where we are listing off many of the aspects of the company.

First question is asking to list the companys that you will be working with or have stock in by name of the company.

Second is the if question and list a title holding company that you can ally one’s self to.

Third is using a property that the organization is using.

4 is if the company is registered if it is a trust.

5 is a yes or no that you use your best judgment on

Schedule C is filled if the company is farming or governing bodies, such as chamber of combers.

Schedule D is for social organizations, and groups that have meetings and set community goals for social reasons.

Schedule E is for educated related type system for fraternity/ Sorority houses, also doubled as a group that operates a lodge type housing.

Schedule F is on benefits groups, as the concept is a bit difficult the easiest way to talk about it is to compare it to a Union, and say that a group that files this section is doing so for the benefits of employees of varying companies.

Schedule G is for insurance type companies, along side other nasality type group like irrigation, or phone companies.

Schedule H… yes I’m not done…. is on death related property groups, and services that relate to death.

Schedule I is for Small insurance and non-shell insurance companies.

Schedule J is unemployment, and compensation of workers.

Schedule K Is on armed forces returning veterans benefit groups, or trusts.

That pulls us to the end of this document other than the before you send It in check list which goes over most of what has been talked about, with a few additions of needed documents for their consideration.

Things from here are submission and waiting, as the importance of the IRS accepting the document and recognition of a non-profit is in their control and they have the right to deny your application.

In the event of this occurrence you can reapply in a year,

But there are some extra documents that will need to be filled in this event.

I will not be covering this possibility and will be pushing onto the next lesson.

Hope that you continue with the lesson and hear from me again soon!

Listenpay.gov MP4Nonprofit Registration PPT

Transcript:

Script 4.1

Welcome to the final step of the legal documents, after this comes account setup for nonprofits as they are available for some special benefits.

This lesson is the follow up to the last directly as if you are accepted as a non-profit in the last form or where approved as a Non-profit section of their determination.

In this lesson we will be going over how to stay tax exempt.

This is important to know when starting a nonprofit as the legislation even when writing this has changed.

All the forms that I have showed you through out the lesson have to be filed on a government website.

I will be showing and telling you about important details on staying tax exempt,

but before that I will be tell you about the portals that you will have to go through for filing tax exempt.

------- [pay.gov] ------

This website is the host to most of the tools and resources that you use for the creating of business, charitys, and organizations.

I know there is a lot to take in for all this.

But it is easy to navigate with a little experience it can be worked with relative ease.

On this face page it has a few direct links,

The 6 blocks that are under the image are for different types of concerns of payment and application.

5 of the blocks right off are for paying off debts.

The one we would use is the one in the middle bottom as of the time of recording this.

Below the 6 blocks we have a set of quick common searches that can help if your lost looking for something else.

So with that said we will dive into the rabbit hole, and select the application we pointed out earlier.

From here we need to get ready a payment method so that our form will be accepted.

Also an account will have to be made so that you can use the website.

From here it would be easy as you would be doing a recap to lesson 2 with the check mark boxes.

Then you enter the payment, and jump on to reviewing what you’ve done and submitting it.

This process has been streamlined and simplified from older versions.

That shows you the website.

------------------ [end website] ------------------------------------------

So as we move through this lesson, we go on to how to stay as a legal non-profit.

In this part of the lesson I am going to introduce how non-profits remain as nonprofits

I first will introduce where to find the most recent updates.

------ IRS https://www.irs.gov/newsroom/irs-recent-legislation-requires-tax-exempt-organizations-to-e-file-forms

On this page on the IRS website it will give you the most recent updates on the irs tax exempt.

It worth reviewing this when ever you are watching this, as they are subject to change,

Just recently for me the IRS updated its submission of Non-profit registration so that it is only availed to be done online.

As you can see here, the website shows that it will not be taking a set of different forms in paper copies

There is still some paper copies availbe to some documents as you can see thoruh this current page.

Also that above that there is a list of changed documents and codes.

We can also take a step back to the current legislation and review the current revisions of the documents.

As you can see with the version I have here,

Some of the forms are linked and can be followed for ease when filling out some of them,

as well as it tells if there are problems that there is a return of the documents that are incomplete.

Knowing that the infromtnation is  here is important to anyone interested in nonprofit,

Becuese knowing what the do’s and don’ts are important to both the start and the continued success of a business.

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Thank you for sticking to the lessons there is only one left.

ListenAdded Benefits of Nonprofits PPT

Transcript:

Script 5

Welcome to the  final part of the lessons.

This lesson will be going over the benefits and breaks you will receive as a starting non-profit.

There is many steps past first acceptance as a nonprofit, so that you can operate. 

There is tax breaks on sales tax, and some banking tax breaks, also some state insurance can be provided.

It is good to know what benefits you are receiving and should apply for so that your business can succeed. 

First I will talk about the sales tax breaks,

Some things to be taken into account is that Sales tax exemption is state by state and has to be registered with the different companys that you are buying from.

We will start with the sams’s club/Walmart company.

With these well known companies you have to go the their physical store and fill out a registration form,

For this form you need a handful of the documents that you have filled out and done prior with the acceptance of the government.

With other companies you will need to register in a similar fashion.

This registration is state by state and will require you to do it several times if you are planning to work around several states.

With this accounted and realized, you can harvest the benefits of a nonprofit, to other companies.

These benefits do extend to some bank things.

Including loans, accounts, and financing.

You can register these with your different banks with the forms provided by the IRS.

This means that any loans, accounts and finance planning that you take part in will have no federal tax applied to them  

-------- [ registration for bank ] --------

This stuff is relitivly simple with all the other steps taken care of prior.

Simplify show the registration to the bank and selected the bank account types you want to set up.

They will need to be registered under the name of the Non-profit company that you have started.

Next you will file the accounts with the IRS under your tax documents.

Plain and forward. Now the accounts that you have will not have federal tax on them.

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You also get mailing discounts from the US Postal service.

You get reduced cost of mail and packaging

There is also some grants that non-profits are able to gain. These involve an application process that differs on the type of grant you are needing for your Non-profit

And have many different types of processes.