Formation & Tax Filing - 501(c)(7)

1. Incorporation in New York State
  • File a Certificate of Incorporation with the NY Department of State
  • For a social club purpose (e.g., golf), apply under 501(c)(7)
  • Filing fee: $75
  • Must include: club name, purpose, address, and registered agent info
    • 2. IRS Tax-Exempt Status – Form 1024-A
  • Submit Form 1024-A to apply for tax exemption as a 501(c)(7) club
  • IRS user fee: $600
  • Required attachments: Bylaws, Certificate of Incorporation, club activity descriptions
    •  
    3. Apply for an EIN
  • Apply for an Employer Identification Number (EIN) using IRS Form SS-4
  • EIN is required for banking and IRS filings
  • No fee to obtain an EIN
    • 4. Open a Bank Account
  • Required documents: Certificate of Incorporation, EIN, Bylaws, IRS acceptance letter or proof of submission
  • Banks may have additional requirements
    •  
    5. Annual Tax Filing Obligations (Form 990 Series)
    • All 501(c)(7) organizations must file annually with the IRS:
    Organization Size Gross Receipts Total Assets Form to File
    Small ~ $50,000 N/A Form 990-N(e-Postcard)
    Medium $50,000 ~ $200,000 ~ $500,000 Form 990-EZ
    Large $200,000 ~ $500,000 ~ Form 990
    • Filing deadline: 5 months and 15 days after fiscal year end
    • If the club earns taxable income: also file Form 990-T
    6. Important Notes
  • Failure to file for 3 consecutive years results in automatic revocation of tax-exempt status
  • Income from non-members, advertising, or investments may be taxable