Nonprofit Organization

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Related to Tax Exempt Organizations: Form 1023, 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 ?
Journal of Tax Exempt Organizations is published six times a year with an initial paid circulation of 2750.
Please note that certain tax exempt pension funds and certain other tax exempt organizations may be entitled to a full refund of withholding tax.
Additionally, we have enjoyed assisting nonprofit organizations in our communities as shareholders have taken advantage of certain tax savings opportunities as a result of donating stock to qualified tax exempt organizations.