Kings New York online Form 990 (Schedule O) 2024-2025

Kings New York online Form 990 (Schedule O): What You Should Know

For more information on the tax treatment of corporate donations, see:. Internal Revenue Service 2017 Form 990 C. (Form 990) of Citizens Against Tax Hikes. Citizens Against Tax Hikes (CATHY). Organizations that have spent at least 1,000 in contributions to qualify as exempt under the provisions of IRC §501(c)(3) (Charitable, etc. activities) do not have an additional tax due unless they file a self-certifying information return (Form 990, 590-EZ or Form 990-PF) with the IRS. You must fill out Schedule R (Form 990) from the organization's financial statements, which is available at the Charities Directorate. Charitable items include the following gifts; that is, gifts to charitable organizations to which contributions are deductible; and to an individual who does not act as an agent on behalf of the organization. The 1,000 thresholds applies only if that amount is actually spent on charitable activities. The threshold applies regardless of how the money is spent or if there's any profit. The 1,000 thresholds only applies to gifts to a tax-exempt organization in a taxation year in which the organization is required to file a Form 990 or 990-EZ for that year. Amount of gift can't be the income of the donor. The person making the gift cannot have contributed more than 1,000 for the year, the giving of the gift must be from proceeds of sales in fair market value, and the gift was not a “gift to a person other than the person making the gift.”  However, if the total value of gifts received (including income, gift tax, and similar contributions) is 2,000 or more, but less than 10,000, the organization may be considered a taxable not-for-profit organization. The following is not a gift and is not subject to the 1,000 gift thresholds: Nonprofit, church or political committee donations of 200 or more. Contributions to “charitable” but not strictly “for-profit” entities (as opposed to a 501(c)3 organization).

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