IRS: Colleges Are Rarely Audited, But Take Care With Tax-Exempts:Reports on the United States Internal Revenue Service's scrutiny of debt issues. Legitimacy of the issuer's 501(c)(3) status; Tax law problems with tax-exempt college and university bonds.Kinnander...
” and discusses how the IRS sees homeschool co-ops, nonprofit incorporation, for-profit homeschool groups, and what happen when a nonporift loses its 501(c)(3) tax exempt status.
An IRS official denied tax-exempt status to a Texas group that encourages church members to pray for state and national leaders, regardless of their party affiliation, because it benefits “the private interests of the [Republican] Party.” ...
A homeschool co-op in the Midwest contacted me recently to apply for 501c3 tax exempt status. The Treasurer told me that her co-op had been paying their leaders anywhere from $200-$1,200 a year for their service on the board. I discussed why paying board members was not a typical pr...
The EPCU Ineligible Employer-403(b) Plans Project was designed to educate Internal Revenue Code (IRC) Section 501(c)(3) organizations whose tax-exempt status had been automatically revoked pursuant to IRC Section 6033(j) to ensure an employer eligibility failure had not occurred in the sponsoring...
The Affordable Care Act (§ 9007) created several additional requirements for organizations thatoperate one or more hospital facilities seeking to maintain or achieve 501(c)(3) tax-exempt status. Specifically, current and future hospital facilities and organizations will have to (1) regularlyperform ...
It really has never been easier to obtain tax exemption. Make sure you understand your filing options, and choose the best method for your organization. Continue reading "How Long Does It Take To Get 501(c)(3) Status?" Tax Exempt in 2 Weeks! Learn how our client, Reform It Now, ...
Internal Revenue Service that some organizations providing down-payment assistance (DA) gifts to low-income home buyers do not qualify for Section 501(c)(3) tax-exempt status, in 2006. The organizations specifically affected by the ruling include those that give a tax-free DA to the buyer ...
In cases involving inurement, the IRS may impose the penalties in lieu of or in addition to the revocation of tax exempt status. This system effectively gives the IRS two options to enforce the nondistribution constraint. In blatant violations of the inurement prohibition, the IRS can both rev...
If you’re seekingtax-exempt statusfor your corporation under501(c)(3)of the tax code, then the IRS Publication 557 is a critical resource. It will help you determine if your organization qualifies, and how you should go about applying for tax-exempt status. ...