tax exemption

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Related to Tax-exempt organization: Tax exempt status, 501c

Tax Exempt

Describing income or organization that is not subject to taxation. Examples of tax exempt organizations 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.

tax exemption

A reduction in the assessed rate of real property for purposes of calculating ad valorem taxes.Properties used for religious purposes usually have a 100 percent reduction,resulting in no tax liability. Additional exemptions might be granted for other uses, such as for a personal residence,timberland,or conservation land. One must generally apply for exemptions; they are not granted automatically.

References in periodicals archive ?
Barring that, however, the onus is (again) generally on the tax-exempt organization to file the required extensions, remit the estimated payments on UBTI, and file its state income/franchise tax returns.
Bertelsman noted that the IRS "argues that the Atheists voluntarily choose to spend their time and money complying with the alleged discriminatory standards for tax-exempt organizations and their self-inflicted injury fails to rise to an injury in fact and is not traceable to Government action.
Microdata records of all Forms 990 and 990-EZ sampled for the annual SOI study of tax-exempt organizations.
Any CEO of a tax-exempt organization will tell you that he or she is always looking for attorneys to serve on the board of his or her organization.
Our initial goal is to distribute one half of our starting amount by the end of 2008 to qualified tax-exempt organizations in the state of Florida.
The Internal Revenue Service recently provided valuable guidance for tax-exempt organizations regarding joint ventures with commercial business entities.
The Internal Revenue Service (IRS) last week issued a notice of proposed rulemaking pertaining to the public disclosure requirements of some municipalities and state municipal leagues, as well as other tax-exempt organizations.
Consistent with this characterization, the IRS position regarding Subpart F income was that Subpart F income received by a tax-exempt organization should be treated as a dividend and, consequently, excluded from UBTI.
An organization that wishes to apply for recognition as a tax-exempt organization must generally do so within 15 months after the date it is created.
The IRS believes that strong corporate governance leads to increased compliance for tax-exempt organizations.
Critics claiming that there are "too many" nonprofits will have something to cheer about in early 2011 when the Internal Revenue Service (IRS) publishes the list of tax-exempt organizations that have had their status automatically revoked for failure to file annual information tax returns for three consecutive years.
The IRS began mailing educational letters in July to more than 650,000 small, tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ.