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To be tax-exempt under section 501 (c) (3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501 (c) (3), and none of its earnings may inure to any private shareholder or individual.
To apply for recognition by the IRS of exempt status under IRC Section 501 (c) (3), you must use either Form 1023 or Form 1023-EZ. All organizations seeking exemption under IRC Section 501 (c) (3) can use Form 1023, but certain small organizations can apply using the shorter Form 1023-EZ.
You can search Pub.78 data (for 501(c)(3) or other organizations eligible to receive deductible charitable contributions) or the exempt organizations business master file extract (for other 501(c) organizations) to find out if the organization’s tax- exempt status has been reinstated. You may also review its determination letter posted on ...
A 501(c)(3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code.
A 501(c)(3) organization is a tax-exempt nonprofit organization subject to many IRS rules. Learn the requirements, costs, and pros and cons of setting up a 501(c)(3).
501 (c) (3) is just one category of 501 (c) organizations, but it is the primary nonprofit status through which donations made to the organization are tax-deductible. 501 (c) (3) status is regulated and administered by the US Department of Treasury through the Internal Revenue Service.
Key Takeaways. Section 501 (c) of the Internal Revenue Code designates certain types of organizations as tax-exempt—they pay no federal income tax. Common tax-exempt organizations include...
A 501(c) organization is a nonprofit organization in the federal law of the United States according to Internal Revenue Code (26 U.S.C. § 501(c)). Such organizations are exempt from some federal income taxes .
1. Choose a Purpose. Federal tax law states that if you want to operate as a 501 (c) (3), your organization must exclusively pursue one of the following purposes: Religious. Charitable....
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