501(c)3 approval in process. Received Feb 13, 2020
As part of starting the Makai Way, registering with the IRS as a 501(c)3 is in process. Upon approval this post will be updated. Makai Way was created on Dec 13, 2019 and any donations would meet the needs of a charitable donation to a 501(c)3 upon IRS approval. When the IRS approves a timely filed exemption application, exempt status is recognized back to the date the organization was created. Thus, while an application is pending , the organization can treat itself as exempt from federal income tax under section 501(c)(3). For example, it must file Form 990 (instead of an income tax return) while its application is pending. However, contributors to the organization do not have advance assurance of deductibility because the organization’s exemption is pending. If the organization ultimately qualifies for exemption for the period in which the contribution is made, the contribution will be tax-deductible by the donor. Alternatively, if the organization ultimately does not qual