Starting a not-for-profit just to reduce your tax liability is a bad idea.
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 […]
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.
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)?
A common misconception people have about charitable contributions is that anything given to a not-for-profit counts as a deduction.
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 is: one is a term relating to state law, while one is a tax term.
The IRS says an online sorority of a for-profit school is not eligible for tax-exempt status.