If a Not-for-Profit Loses Its Corporate Status, Does It Lose Its Tax-Exempt Status As Well?
If a not-for-profit loses its corporate status at the state level, does this affect its tax-exempt status with the IRS?
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.
Recent Fun I’ve Had with the IRS: Letters Received Out of Order
Sometimes I like to blog about the odd things that happen in my dealings with the IRS. Here’s the latest oddity that has me shaking my head. Setup A 501(c)(7) not-for-profit came to me awhile back to say that they’d been in existence since 2006 and had never filed any paperwork with the IRS … […]
Iowa Not-for-Profits and Iowa Unemployment Tax
Not-for-profits don’t have to pay income taxes (as long as they filed for tax-exempt status). But that doesn’t mean they’re exempt from all taxes, especially at the state level.
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)?
What is a 501(c)(3) and What’s the Big Deal?
A 501(c)(3) organization is one type of tax-exempt organization as outlined in Section 501(c)(3) of the Internal Revenue Code.
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.
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.
