Section 501(c)(3) organizations that are tax-exempt under Section 501(a) are defined as: "Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no...
Types of Tax-Exempt Organizations
Click here for IRS Publication 557, Tax Exempt Status for Your Organization, and refer to the table on pages 60-61. Click here for an annotated list at muridae.com. Among the most common types of tax-exempt organizations: 501(c)(3): Corporations, and any community chest, fund, or foundation, organized and operated exclusively...
Nonprofit vs. Tax-Exempt
"Non-profit status is a state law concept. Non-profit status may make an organization eligible for certain benefits, such as state sales, property, and income tax exemptions. Although most federal tax-exempt organizations are non-profit organizations, organizing a non-profit organization at the state level does not automatically grant the organization exemption...
Nonprofit Corporations
There are three common types of California nonprofit corporations: (1) Public benefit corporation: a corporation organized primarily for charitable purposes and which plans to obtain state tax exempt status under Section 23701d of the Revenue and Taxation Code and/or federal tax exempt status under Section 501(c)(3) of the Internal...
California – Nonprofit Integrity Act of 2004 Becomes Effective January 1, 2005
The following is a list of key provisions identified by the Office of the Attorney General: 1. Charitable organizations have 30 days, instead of six months, to register and file articles of incorporation with the Attorney General’s Registry of Charitable Trusts. 2. Independent audit of annual financial statements now...
IRS Exempt Organizations Division 2005 Priorities
The IRS Exempt Organizations (EO) division’s top priority for 2005: Building a stronger enforcement presence. EO’s four critical enforcement initiatives and planned actions for FY2005 are summarized briefly as follows: 1. Anti-Terrorism. • EO Examinations will examine a sample of returns to determine the effectiveness of controls put in...
IRS Exempt Organizations Division 2004 Accomplishments
The following list of accomplishments of the Exempt Organizations (EO) division of the IRS in 2004 is excerpted from the IRS Letter to colleagues, members of the press and taxpayers dated as of November 10, 2004: 1. Improve understanding and compliance. Ensuring that the tax-exempt community understands and complies...
Disclaimer
Disclaimer This website is a public resource of general information which is intended, but not promised or guaranteed, to be correct, complete and up-to-date. However, the material on this website, including all responses to comments, does not constitute legal or professional advice, and the reader should not consider this...