Can I Start a Not-for-Profit to Shield Income?
Starting a not-for-profit just to reduce your tax liability is a bad idea.
Form 8976 — What is It?
New federal guidelines have been implemented for 501(c)(4) not-for-profits. The new guidelines require new 501(c)(4) organizations to file a “Form 8976” with the IRS to notify the IRS that the organization is operating as a 501(c)(4). Some existing organizations may also need to file the form. A Google search of Form 8976 turns up plenty of […]
What Taxes is a Tax-Exempt Organization Responsible For?
Tax-exempt organizations are exempted from paying income tax and federal unemployment tax… but they might have other tax liabilities that they’re responsible for.
501(c)(3) vs. 501(c)(4) vs. 501(c)(7), Part 1
In the last couple of years, I’ve had the chance to help several small not-for-profits that were trying to get off the ground. One of the first questions they have is: can we be a 501(c)(3)?
Not All Donations to Charity Are Deductible
A common misconception people have about charitable contributions is that anything given to a not-for-profit counts as a deduction.
What is Form 1023-EZ?
Form 1023-EZ is a new IRS form used by some not-for-profits to apply for tax-exempt status as a 501(c)(3) organization.
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.
IRS Says Online Sorority Is Not Tax Exempt
The IRS says an online sorority of a for-profit school is not eligible for tax-exempt status.