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.
Benefits of a Family Foundation
Article originally published 12/03/2023 and updated regularly. A family foundation is a type of 501(c)(3) tax-exempt nonprofit organization that allows its founders to set up a formalized charitable grantmaking enterprise funded by one individual or a few family members. It is usually funded with family assets. The family foundation is a flexible structure that allows […]
What is the difference between nonprofit and tax-exempt?
There is a big difference between “non profit” and “tax exempt.”
Nonprofit status refers to status under state law.
Tax-exempt status refers to federal income tax exemption under the Internal Revenue Code.
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.
How Charitable Donations May Affect Your Taxes
How do charitable donations affect my taxes?
After researching a charitable organization and deciding where to give your money, you should also consider how the charitable donation will affect your taxes. Charitable donations are a popular tax write-off, but make sure you understand what can be deducted and how to properly assess the value of your donation…
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 […]
How Do I Start a PTO – Parent Teacher Organization?
How do I start a Parent Teacher Organization – PTO?
One way for parents to be support their child’s school is to join their Parent Teacher Organization (PTO). But what if your child’s school doesn’t have one? How are PTOs different from PTAs?
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 […]
How to Set Up a 501(c)(6) Business Association
Set-up a business association today. Our law firm offer helps business leagues, trade groups, chambers of commerce, and real estate boards with corporate governance and 501(c)(6) tax-exempt issues.