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Oftentimes a 501(c)3's receipt will include a "fair market" value of whatever benefit the donor got. When religion gets reclassified as 501(c)3, I wonder how th
by adolph 2y ago
Oftentimes a 501(c)3's receipt will include a "fair market" value of whatever benefit the donor got. When religion gets reclassified as 501(c)3, I wonder how they will do receipts.
Officient salaries / (number of services * average participation) = FMV
- mminer237 2y agoChurches are already 501(c)(3)s
- adolph 2y agoThis is an nuanced topic that might not be worth going into. The IRS automatically considers a church as tax exempt under 501(c)3. However, churches do not have to apply for that status (although some/many do), and do not have to follow IRS annual filing rules.[0] 0. https://www.irs.gov/charities-non-profits/churches-integrated-auxiliaries-and-conventions-or-associations-of-churches https://www.irs.gov/charities-non-profits/churches-integrate...