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An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows:
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.
Donations made to 501(c)(3) organizations are typically tax-deductible for the donors, meaning individuals and businesses can claim those donations as deductions on their tax returns, subject to certain limitations. This tax benefit encourages charitable giving. In contrast, donations made to 501(c)(4) organizations are not generally tax ...
The donor-advised fund is one of the most tax-efficient ways to donate money to charity, which has helped it become the fastest-growing charitable giving vehicle in the U.S., according to Fidelity ...
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Organizations described by any of these sections must file Form 990 even if the organization has not applied for a determination letter from the Internal Revenue Service. [ 11 ] A tax-exempt organization with annual gross receipts of less than $200,000 and assets less than $500,000 has the option of filing a shorter alternative form, Form 990 ...