Tax
Feb. 28, 2023
Your own private foundation – for free!
The setup costs include completion and submission of Form 1023 to the IRS National Office. The IRS usually approves these applications without much question.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
John and Sarah have a dental supplies business in West Los Angeles. One of their products is face masks. The pandemic has been good to them. Given the extra profits, they want to set up their own charity with $500,000 to give back to society. Their specific interest is helping the homeless in the L.A. area.
Sam, their CPA, tells them that setting up their own charity – a private foundation – can be expensive and complicated. The advantage...
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