What to do if we are currently a nonprofit S corporation and want to apply for 501 (c) (3) status?

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What to do if we are currently a nonprofit S corporation and want to apply for 501 (c) (3) status?

We are not sure exactly what is needed (i.e. filling out Forms 1023 and 990). Our gross receipts are under $5k; we want 501c3 status mainly so that donations to our organization will be tax deductable. How should we proceed?

Asked on December 25, 2012 under Business Law, Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way for you to transfer status of your tax exempt S corporation to that of a tax exempt C corporation would be for you to consult with a business/tax attorney to submit completed applications for such a change to the Internal Revenue Service. Such changes are quite frequent.


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