Nonprofit Organization

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Related to Exempt Organization: Tax Exempt Organizations, 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 ?

Correction, under the act, means undoing the excess benefit to the extent possible and taking any additional measures necessary to place the exempt organization in a financial position not worse than it would have been if the disqualified person were dealing under the highest fiduciary standards.

New tax on "excess benefit" transactions

If a particular country is not specifically listed in one of the regions in the instructions, the filing exempt organization may list the region it believes that country would fall into if it were listed.

Reporting requirements for exempt organizations with activities outside the U.S

Form 990-T: Exempt Organization Business Income Tax Return

An overview of filing requirements for tax-exempt organizations

Roberta Zarin, an IRS official who heads up the exempt organizations education and outreach activities, also spoke at the October 12 event.

IRS predicts more attention focused on associations. (Headlines)

This exception is valued and welcomed by exempt organizations and practitioners.

Transfers between controlled entities can provide surprises under Sec. 512(b)(13)

The announcement represents the first step toward more formal guidance on Internet tax issues--an area of great importance as associations and other exempt organizations move more of their activities to the Web.

IRS Seeks Comments on Internet Issues

Exempt organizations can be subject to income tax if they have UBTI.

Debt-financed income and UBTI

However, the exempt organization has the burden of establishing the fair market value of these token benefits.

Corporate Sponsorship Regulations

In 2004, the IRS Exempt Organization Division developed two important new units: the Exempt Organization Compliance Unit (EOCU) and the Data Analysis Unit (DAU).

IRS bite beginning to mirror its bark

Although many public charities, as exempt organizations, technically have been subject to public disclosure requirements for a long time, Congress recently changed the law to make this information much more accessible to the public.

Public disclosure requirements for public charities

That report called for a number of new disclosure requirements from exempt organizations, including suggesting that they should disclose their Form 990-Ts for unrelated business income tax, information about exempt organization audits and closing agreements, and more information about lobbying activity by 501 (c) (3) organizations.

ASAE submits comments on joint tax disclosure report

* AN EXEMPT ORGANIZATION CAN AVOID THE BURDEN of having to copy documents if it makes them widely available to the public--through the Internet, for example.