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Nonprofit Organization
(redirected from Tax-exempt organization)

   Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia 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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For a detailed discussion of the issues in this area, see "Small Tax-Exempt Organization E-Postcard Requirements Finalized," by Sarah Lovinger, in the November 2009 issue of The Tax Adviser.
6033(i) for small tax-exempt organizations that are not required to file an annual information return under Sec.
These changes also reinforce a changing role for the board of directors of a tax-exempt organization.
 
 
 
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