The Difference Between Not-for-Profit and Tax-Exempt
The difference between not-for-profit and tax-exempt is: one is a term relating to state law, while one is a tax term.
Video Provides Guidance for Tax Exempts to Get their Status Back
In June the IRS released a lengthy list of not-for-profits that lost tax-exempt status for not filing a Form 990 for 3 straight years. Luckily, many of those not-for-profits may be able to get their tax-exempt status back by following an IRS procedure. The IRS explains more in this YouTube video.
IRS Releases List of Revoked Tax Exempt Statuses
Earlier this month, the IRS released the names of organizations that have lost tax-exempt status for failing to file a Form 990 with the IRS for 3 straight years. The IRS also released a Revenue Procedure that offers guidance on how these organizations can regain tax-exempt status. This link takes you to a page on […]
