topic Correct form in Business & farm

Correct form

fredransome — Tue, 31 Mar 2020 21:51:12 GMT

I must submit a tax statement for our association. We have an IRS EIN. What form should I be using to submit our income ($0) and expenses ($0) to show we owe no income taxes.

Re: Correct form

ColeenD3 — Tue, 31 Mar 2020 22:04:39 GMT

What type of association are you referring to?

Re: Correct form

fredransome — Tue, 31 Mar 2020 22:59:43 GMT

The Wisconsin Honey Bee Breeders Association. I can't remember if it was incorporated as a non-profit or not.

Re: Correct form

AmyC — Tue, 31 Mar 2020 23:51:30 GMT

If it is a non-profit, the IRS lists it. Please search here for your organization. The IRS has a phone line for tax exempt entities. You can call 877-829-5500.

Re: Correct form

fredransome — Tue, 31 Mar 2020 23:55:43 GMT

So that I don't have to go through this again what form would I use if it is for profit business?

Re: Correct form

Critter — Wed, 01 Apr 2020 00:48:32 GMT

Who has last year's 990 ? It is required to be public info like posted on your website.

https://grantspace.org/resources/knowledge-base/finding-990-990-pfs/

Re: Correct form

ThomasM125 — Wed, 01 Apr 2020 00:48:53 GMT

The tax return to use for a profit business would be a choice you would make in the first year you file a tax return for it.

If the organization is registered with your state as a corporation, typically you file a form 1120, or 1120-S (if you filed an S corporation status application for it.)

If the organization is registered with your state as an LLC, or it is not registered with your state, then typically you file a form 1065, and issue a K-1 schedule to all the members of the organization, reporting their share of the organization profit or loss.

You can use the following link to form 8832 to find out more about choosing a filing entity for your organization:

https://www.irs.gov/forms-pubs/about-form-8832