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Nonprofit Organization
(redirected from Exempt Organization)

   Also found in: Dictionary/thesaurus 0.01 sec.
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).


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Today, tax exempt organization experts from PricewaterhouseCoopers will lead a new BNA Tax & Accounting webinar on Form 990 that provides an overview of how that filing process went for some of the largest tax-exempt organizations and outlines the compliance challenges that these organizations continue to face.
Significantly increased reporting requirements apply to exempt organization activities outside the United States.
Chapters include a general overview, rationales for tax exemption, IRS tests for tax exemption, religious organizations and churches, educational and arts organization, health care organizations, other 503[c](3) exempt organizations, charitable contributions, 501[c](4)s and their relationship to 501[c](3)s, section 501 [c](6), [c](7), and [c](8) organizations, unrelated business income tax, private foundations, and securing and maintaining tax exempt status.
 
 
 
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