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United States federal tax law, specifically Section 501(c)(4) of the Internal Revenue Code (26 U.S.C. § 501(c)), exempts certain types of nonprofit organizations from having to pay federal income tax. The statutory language of IRC 501(c)(4) generally requires civic organizations described in that section to be "operated exclusively for the ...
“If your income can be canceled out by allowable tax deductions leaving you with no tax liability, you can elect to be exempt from federal withholding,” said Ben Watson, a certified public ...
According to the IRS, a Group Exemption Letter is a ruling or determination letter that is issued to a central organization recognizing, on a group basis, the exemption from Federal income tax under 26 U.S.C. § 501(c) of subordinate organizations on whose behalf the central organization has applied for recognition of exemption.
The message also quoted an October 10, 2007, letter from the Internal Revenue Service which stated, "We determined that you [Joyce Meyer Ministries] continue to qualify as an organization exempt from federal income tax under IRC section 501(c)(3)." The same information was also posted to the ministry website.
The TCJA lowered the corporate tax rate for businesses to a flat 21 percent, from a graduated system that had a top rate of 35 percent. That change was made permanent and isn’t part of the TCJA ...
Another tax credit is the American opportunity tax credit, which gives students a partial refund on qualifying education expenses that reduce the student’s tax liability to an amount less than $0.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
The underfunded Internal Revenue Service has been relying on ancient technology to generate paper audits that target tax benefits, such as the Earned Income Tax Credit, for lower-income households.