Exempt Status

Exempt Status

The state of not being subject to taxation. Examples of organizations with exempt statues (in some jurisdictions) include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, Tax deduction, 501(c)3.
References in periodicals archive ?
Also potentially problematic, although not per se contrary to exempt status, are plans for additional compensation or even overtime pay linked directly to hours worked over forty.
Employers should carefully review their handbooks to ensure their policies do not jeopardize the exempt status of their salaried employees.
Of the foregoing three bases for exempting payees, the gross receipts test may be the easiest to administer because a corporate payee's exempt status could be based on information set forth in the payee's income tax return - i.
If an organization's exempt status is revoked, it's no longer exempt from federal income tax and might be required to file federal income tax returns.
and operations, to ensure that the entity has properly established its exempt status and continues to maintain it.
The IRS has been investigating the church, claiming it violated its tax- exempt status by engaging in politicking.
May I pay Connie a bonus without blowing her exempt status or the exempt status of our other administrative employees?
Said Graham, "It would be alarmist to some degree to suggest that Congressman Thomas's comments are aimed at retooling the requirements for exempt status.
While this generated a fair amount of interest, particularly on the part of not-for-profits, I don't know that it really led to a great deal other than a general sense on the part of the IRS that they should be reviewing applications for exempt status and pursuing some of the more egregious instances of noncompliance with a closer eye.
As a commercial condominium, the ownership opportunity at Two Dag Hammarskjold Plaza allows organizations such as missions and consulates to benefit from their tax exempt status, stabilize their occupancy costs, control their office and residential environments, and make a wise and timely investment in the market.
Grassley has asked the IRS to step up enforcement on the tax exempt status of not-for-profit hospitals.
However, three liberal-leaning "Emerge America'' groups from individual states were denied tax exempt status under the law.