Friday, February 15, 2013

508 Trust

A 508 trust is an EXEMPT ORGANIZATION and is described as a "New Organization" under the IRS code 508 (a) which states that New Organizations must notify the secretary that they are applying for recognition of 501 (c) (3) status EXCEPT as provided in Subsection (c). Found in Code 508 (c) (1), Exceptions- mandatory exceptions- subsection (a), shall not apply to - (a) churches, their integrated auxiliaries, and conventions or associations of churches.

Thus, the 508 is a MINISTRY, church, spiritual organization, which ever you choose to call it as it is merely a religious or spiritual establishment consisting of two or more people. There is no need to have a building or conduct any type of service or ceremony and the best part is that the church/ministry or an auxiliary DOES NOT NEED to be a 501 (c) (3) charity organization in order to be exempt. You can CHOOSE to be a 508, which is also exempt even if it doesn't file for exempt recognition.

THERE IS NO TAX FILING REQUIREMENTS. IRS code 6033 (a) exempts religious organizations from the need for filing returns of ANY KIND.







 
 
 

 
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11 comments:

  1. Sonny ( Mr Hib-Hob ) Re-Wind RecordingsMay 28, 2013 at 12:17 PM

    So how are you my 508 GURU... HAVENT heard from you via email in a while.. hope ALL is well

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  2. Sonny ( Mr Hib-Hob ) Re-Wind RecordingsMay 28, 2013 at 12:25 PM

    So how are you my 508 GURU... HAVENT heard from you via email in a while.. hope ALL is well

    ReplyDelete
  3. Sonny ( Mr Hib-Hob ) Re-Wind RecordingsMay 28, 2013 at 3:46 PM

    U started a Fire...

    http://www.gpo.gov/fdsys/pkg/USCODE-2011-title26/html/USCODE-2011-title26-subtitleF-chap61-subchapA-partIII-subpartA-sec6033.htm

    ReplyDelete
  4. Sonny ( Mr Hib-Hob ) Re-Wind RecordingsJune 7, 2013 at 10:32 AM

    Q: What role does the "1023 form" play

    ReplyDelete
  5. Sonny ( Mr Hib-Hob ) Re-Wind RecordingsJune 7, 2013 at 3:17 PM

    Im a tad SLOW, however, after several reovers "reading over and over" I think I see it now. I can CHOOSE to be 508 and bypass that "IRS.gov" application filling/user FEE! Think its like $400-800

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  6. UnknownOctober 24, 2013 at 3:40 PM

    When the student is ready the teacher shall appear! I look forward to learning about this and other trusts as I am preparing to begin business ventures.

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  7. ApostleljrDecember 9, 2015 at 11:35 AM

    This comment has been removed by the author.

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  8. ApostleljrDecember 9, 2015 at 11:37 AM

    There is actually no such thing as a “508 Trust” recognized by the IRS CODE…508 is only an exception for churches, association of churches, and it integrated auxiliaries from reporting requirements, but fall directly under the same restrictions as 501c3…Again there is no such thing as a 508 Trust…the closest I have seen is the 4947(a)1 Charitable Trust…I am not a lawyer, but I have researched the IRS Code…Now to conclude that the IRS is infringing on First amendment constitutional rights is far fetched, especially since your claim of a “508” Trust is a misinterpretation of the 508c1a exception for churches.

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  9. UnknownDecember 2, 2016 at 1:21 PM

    There is a 508. You do not have to be a church in order to have one. Currently, family members just set up their 508

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  10. UnknownMay 22, 2020 at 11:35 AM

    What's the format to start ?

    ReplyDelete

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