Thanks for the heads up. You're probably right that filling out 2 forms is humorous, but it is the bare minimum and I did get away with it for the 2009 tax year (which we had no activity because we incorporated late in the year). I'm eventually going to have to file the W-9 with Apple and some other forms if I plan on sending money abroad.
After I was done incorporating and everything was ready, I did consult an accountant and he did say there might be some issues down the road, but only if I was planning on taking money out of the country (which I kind of am). I also did have to make a phone call to one of the IRSs numbers to have them add the organization to the list of tax-exempt organizations, so I could file my 990N online. They did make me verify that my gross receipts were less than $5,000/year.
Regarding age restrictions: In New Jersey and a lot of other states, the law specifically states that you need to be 18 years or older to incorporate and/or be a board member of the organization. This isn't true in some other states, depending how lenient their laws are. I ended up incorporating in Rhode Island, because they didn't have any age restriction and you are automatically tax exempt at the state level if you are at the federal level.
Thanks for the advice. I'll probably contact you or someone else if I do have any issues.
Comments
Thanks for the heads up. You're probably right that filling out 2 forms is humorous, but it is the bare minimum and I did get away with it for the 2009 tax year (which we had no activity because we incorporated late in the year). I'm eventually going to have to file the W-9 with Apple and some other forms if I plan on sending money abroad.
After I was done incorporating and everything was ready, I did consult an accountant and he did say there might be some issues down the road, but only if I was planning on taking money out of the country (which I kind of am). I also did have to make a phone call to one of the IRSs numbers to have them add the organization to the list of tax-exempt organizations, so I could file my 990N online. They did make me verify that my gross receipts were less than $5,000/year.
Regarding age restrictions: In New Jersey and a lot of other states, the law specifically states that you need to be 18 years or older to incorporate and/or be a board member of the organization. This isn't true in some other states, depending how lenient their laws are. I ended up incorporating in Rhode Island, because they didn't have any age restriction and you are automatically tax exempt at the state level if you are at the federal level.
Thanks for the advice. I'll probably contact you or someone else if I do have any issues.