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Wing to Wing LLC

Expert Tax and Financial Advisors

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Tax and Accounting Services for Nonprofits

If you are running a nonprofit organization, Wing to Wing LLC supports your efforts to make a difference in your community. As you begin your journey, we highly recommend that you fully utilize the tools and information provided by the IRS or please reach out to us for assistance.


Information noted below is an abridged version of what you will find on the IRS website and from our personal experiences.

To start, we always like to reiterate what “nonprofit” means.


A nonprofit organization is any organization which those who control or support it do not earn a profit. This doesn't mean that a nonprofit can't make a profit; a nonprofit organization can earn a profit. 

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It can even invest those profits in hopes of earning more money. However, all of the money made must go back into the organization - there is no "profit sharing" among members.


The key steps for a nonprofit are:

  • Setup - Accounting, Quickbooks is highly recommended; contact us for assistance @ [email protected]
  • Tax Exempt Status Application
  • Annual Reporting and Tax Filing
  • Maintaining the Tax Exempt Status

1. Set up.

An ongoing series of informational entries

E. Apply for an Employer ID number.

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Accomplish this step online via the IRS site.

D. Create a legal entity at the state level. 

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Learn about your state’s requirements, which you can also find on the IRS site.

C. Create the following documents:

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  • Articles of Incorporation for a Corporation
  • Articles of Organization for a Limited Liability Company
  • Articles of Association or Constitution for an Association
  • Trust Agreement or Declaration of Trust for a Trust

Note: Generally, the state in which the entity will reside determines whether an organization is properly created and establishes the requirements for organizing documents. Also, if the organization does not have an organizing document, it will not qualify for exempt status. 

B. Which type of legal entity will be created? Trust, Corporation, Association

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A. Which type of organization will be established?

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  • Charitable, Religious, and Education Organizations; Known as 501(c)(3) (the Most Popular)
  • Other Nonprofit or Tax-Exempt Organization; Known as 501(c) Non “3” ~23 Others 

2. Apply for “Nonprofit Status.”

The IRS will issue two forms when you apply for nonprofit/tax-exempt status:

  • Form 1023 for 501(c)(3)
  • (In 2018, the application fee is $275 for form 1023-EZ and $600 for Form 1023)
  • Form 1024 501 (a)(all others)
  • (In 2018, the application fee is $400; this is filed via Form 8718)

3. Annual Filing

Tax returns are due on the 15th day of the 5th month (May). Tax forms are known as Form 990 series. There are four tax return form choices for nonprofits: 990-N, 990-EZ, 990, and 990-PF.


Gross Receipts <$50,001

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Gross Receipts <$200,000 or Gross Assets <500,000

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Gross receipts >$199,999 or Gross Assets >499,999

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Private Foundations

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File 990-N; May Opt to File Form 990

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File Form 990-EZ or 990


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File Form 990


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Always 990-PF

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Extensions

A three-month (August 15th) extension is available via Form 8868. An additional 3 months is also available until Nov 15th. Please be advised that penalties will be assessed for late filings, even though the organization is tax-exempt. So filing the extension timely, if needed, is important.


Certain registered nonprofits must submit certified financial statements on an annual basis. This is most often dictated by state laws.

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4. Maintain ongoing compliance.

An organization may lose its nonprofit/tax-exempt status when:

 • It Doesn’t File a Return for 3 Consecutive Years


 • It Participates in Political Campaigns or Substantial Lobbying


 • It Cannot Benefit the Creator, Creator’s Family, or Persons Directly Involved in the Management of the Firm


 • It Operates for the Primary Purpose of Conducting a Trade or Business Not Related to Its Exempt Purpose, Such as a School's Operation of a Factory


 • Its Purposes or Activities Are Illegal or Violate Fundamental Public Policy


We hope you found the abovementioned information useful. For inquiries and assistance, please call us at 203-249-2798 or email us at [email protected] anytime.

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