Steps To Obtaining Your IRS 501(c)(3)Corporation (433 hits)

The Attorneys General in all 50 states consider the Home Foreclosure revelations, we have seen, so serious to lenders that they, the lenders, would move FIRST to halt foreclosures as signal to take a hard look at all mortgage foreclosure transactions in the United States. Disclosures that have put lenders actions to the point of being described as incredulous-even unsconsniable is the term being frequently heard. So many lenders joined in this fiasco, in effect national home foreclosure moratorium, suspensions of foreclosures for a while have been in place.

That is, until Bank of America announced intentions to resume foreclosures in 23 states after, its 'records' review is days away from being complete enough to begin foreclosing actions on 100,000 homeowners it had suspended foreclosing.

But the scandalous revelations have galvanized many owners to say in effect, " "whoa, not so fast. I think I am going to fight for my home. Where is the proof your bank, organization, institution has the right to 'foreclose me"'? Many law suits, even class action moves are now being planned against the lenders. Home owners are sensing they have the power and right to fight back by establishing non-profit "keep (save) our home" groups. But do you know what a 501(c3) corporation is , if you have the feeling and urge to form a non-profit group of any sort? How to obtain IRS recognition as a '501(c)(3) of the Internal Revenue Code"?

The following general steps are the necessary ones, let's say, to begin your homes-savings non-profit corporartion group. For instance, it is my understanding, 50% of the State of Florida's homes with mortgages are in Foreclosures, many Bank of America Loans.

And while it is fairly easy to prepare your paperwork to submit to the IRS which must approve your non-profit status after receipt of your IRS Form 1023 ( Application for Recognition of Exemption Under Section 501 (c)(3) of the Internal Revenue Code, properly so-styled, the amount paid for for professional filing is probably money well spent. Of course that is relative to your idea for establishing your 501 (c)(3). Think your venture through carefully, it's your idea!

That's right, we have all gotten that much. The 501 (c)3 app is filed with the IRS and your ($400.00-just increased filing fee. Please do not hold me to the figure. I will verify the filing fee and post. In the meantime, you will need certain identifying numbers to be listed on your app.

The first is your Employer Identification number (EIN) which can be applied for online with the number for you being assigned instantly-online. To reach that IRS link, go to www.irs.gov. Once in, enter into the IRS search bar 'request online EIN', Employer Identification Number or similar text. You will get a wealth of information with this number request, which is not the same as your SSN.

And just because you are filing for non-profit status, a filed tax return is still required as usual to let the IRS be aware of the corporation's earnings activity and other related data important for theIRS to know about the corporation's activities.

I should mention right here that the IRS has been attempting to perfect its online version, an interactive tool version of the form 1023, but the protoype version has been beset by glitches and the word I am hearing is that this useful tool 'may' be ready online some time in 2011. It truly is a neat tool. Keep an eye out. IRS will mail several copies of form 1o23 if you call 1-800-tax form (800-(829-3676) and is also accessible online.

There two more numbers (one involves Registering only) that are required to do business with the federal government. A Dunn and Bradstreet number should be obtained and is availabile-online,instant assignment. Go to www.dunns.gov. If you have difficulty, you can telephone this site and have your duns nuber assigned on the telephone (may not be instant).

Next, information about government contracted opportunities require registration with Uncle Sam's central contract office. Go to www.ccr.gov. Once registering with these sites, however, the registrant is placed on a list and , believe me, our government is the largest purchaser of everything in the world, universe, and or the heavens-don't forget NASA and our military-made by man-from hand tools to shell sleeving to roofers who insall tarpaulins from hurricane ravaged or other disaster necessities-to cereal boxes. Also try www.fed biz opp, if you are so inclined.

I really mean, many opportunities to do business with the U.S. Government will flow to you. But oh, that's right, you are interested in saving home owners out of their foreclosue fraud. Well, just pay the few dollars-$75 Up-do-it-yoursel kits,etc.-your choice-to become incorporated. So, go on out there and save some Homes! That's your passion as it is mine and continue to follow my posts as these frauds are exposed and law suits commence. Posted By: Bill Cooper
Wednesday, October 20th 2010 at 4:39PM
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