What is Group Exemption?
What is a group exemption?
The IRS will allow organizations that are affiliated with a central organization to apply for tax-exempt status as a group. This not only saves time for the organizations applying, but it also relieves the IRS of reviewing each subordinate organization’s application for tax-exempt status.
Nonprofit Law Basics: What are Nonprofit Tax Returns? What is a 990?
Most nonprofit organizations are required to file annual reporting returns with the IRS. Even though tax-exempt nonprofit organizations do not pay federal taxes (that is what “tax-exempt” means), most do have to file an informational return with the IRS. This annual reporting return is called a Form 990…
What are the benefits of having 501(c)(3) tax-exempt status?
Having 501(c)3) IRS tax exempt status provides a number of benefits: exemption from federal income tax; tax-deductible contributions; possible exemption from state income, sales, and employment taxes; reduced postal rates; exemption from federal unemployment tax; and tax-exempt financing.
Public Charity vs. Private Foundation: What’s the difference and what’s best for your organization?
The terms of nonprofit entities can be so confusing … public charity … private foundation … private nonoperating foundations … private operating foundations … public charities that act as foundations. What are they, and how do you tell which is which?
Since 1968, the Internal Revenue Code has distinguished Section 501(c)(3) nonprofit organizations into two tax categories: private foundations and public charities…
What Does It Mean for a Nonprofit to Lose IRS 501(c) Tax-Exempt Status?
This article about revocation of tax-exempt status was originally published on 06/20/2011 and has been updated each year. The Cullinane Law Group helps nonprofits that have lost tax-exempt status to get it back in place. Millions of Nonprofits Have Lost Tax-Exempt Status – Is Your Organization at Risk? Since 2011, over a million 501(c) organizations […]
What is UBIT (Unrelated Business Income Tax)?
A 501(c)(3) nonprofit is not taxed on revenue that comes from an activity that is substantially related to the organization’s tax-exempt purpose (charitable, educational, religious, scientific, or other). But, some activities that the nonprofit undertakes may subject it to tax. If a nonprofit conducts an unrelated trade or business to generate income, the nonprofit may […]
Nonprofit Compliance Legal Checklist: Annual Meeting, Donor Acknowledgements, 990s, Grant Reports, State Reports
Non Profit Year End Checklist. There are several items your nonprofit must complete each year, including: annual meeting, minutes, grant reports, thanking donors, reporting requirements. Here’s help from Texas attorney for nonprofits and associations.
Nonprofit Law Basics: Help with IRS Form 990
Since the IRS Form 990 is due for many organizations on May 15, we have provided a cursory list of terms you will find on IRS form 990 and 990EZ. Here is help with IRS Form 990. Help from Texas nonprofit attorney lawyer
Nonprofit To-Do: Update Government Agencies – Nonprofit Filing Requirements
Nonprofits are required to update government agencies, including state agencies and the IRS. Learn about nonprofit filing requirements so your organization can stay in good standing.
What is a Fiscal Sponsorship?
What is a fiscal sponsorship?
A fiscal sponsor is a tax-exempt organization that agrees to shares its tax-exempt status with another group for a specific project, grant, or event. The fiscal sponsor accepts financial donations on behalf of the sponsored group and then grant those donations to the sponsored group, less an administration fee…