If a not-for-profit loses its corporate status at the state level, does this affect its tax-exempt status with the IRS?
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.
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 … […]
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.
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 501(c)(3) organization is one type of tax-exempt organization as outlined in Section 501(c)(3) of the Internal Revenue Code.
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 is: one is a term relating to state law, while one is a tax term.