Nonprofit Organization

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Related to Exempt Organization: Tax Exempt Organizations, Tax exempt status, 501c

Nonprofit Organization

An organization that operates as if it were a business but does not seek a profit. Common examples of nonprofits include charities, private schools, and think tanks. Nonprofits do not pay taxes; donations to many are tax-deductible, at least up to certain limits. In order to qualify for this status, however, a nonprofit must register with the IRS, under section 501(c) of the tax code. See also: 403(b).
References in periodicals archive ?
This exception is valued and welcomed by exempt organizations and practitioners.
Howard will bring to Price Waterhouse more than 33 years' experience with the IRS, where he was involved in all aspects of exempt organizations tax law -- legislation, litigation, regulations, rulings and audit programs.
He will serve as the Exempt Organizations Higher Education practice leader.
In Revenue Ruling 98-15, the Service considered two different factual scenarios in which an exempt organization formed a limited liability company with a private entity.
Many states allow an exempt organization to carry over a net operating loss but may impose additional restrictions or modifications.
Almost as an aside, the Ruling concludes that payments for the use of parking spaces would not be excluded from unrelated business taxable income under IRC Section 512(b)(3) if the taxpayer were an exempt organization.
Whole joint ventures involve all or substantially all of the assets of an exempt organization.
Meredith Monroe is a senior associate in PricewaterhouseCoopers' Exempt Organization Tax Services practice and is based in New York City.
What's happening is a lot of these grant-making organizations that are going and downloading our data fries every month are not seeing the exempt organizations show up," explained Ron Williams, project manager, Office of Business Systems Planning, the department of the IRS that maintains online files of exempt organizations.
The filing exempt organization is required to report only the activities that it performed directly, or those performed indirectly through a disregarded entity or joint venture taxed as a partnership.
Government officials, including members of Congress, Treasury and IRS officials, and state attorneys general, have focused attention on income-producing exempt organization activities.