Open Source Collective
You can decide to apply to the Open Source Collective to be your OSS Fiscal Host or you can be your own Fiscal Host.
We have created a non profit, the Open Source Collective 501c6 in the United States to act as a fiscal sponsor to host all open source projects. This makes it easy for companies to donate to your project since they can receive one consolidated invoice.
This host organization provides invoices and request for funds for your sponsors, onboards as a vendor in their system, receives bulk payments, manages relevant tax forms and checkout processes from other revenue streams (like Threadless, carbon ads and affiliate programs).
The Open Source Collective 501c6 is taking 5% of all donation received (on top of the 5% for the Open Collective platform). This is to cover the administrative overhead, accounting, legal. That way you never have to worry about all that boring stuff and you can focus on your project.
If you think this works for you, go ahead and create your collective selecting 'Open Source' in opencollective.com/create to apply to this host. If you'd rather become your own host, select 'Other' and you'll be able to set up your own host in the process. Note that in that case you will be responsible for doing the accounting as well as facilitating payments from sponsors.