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 ?
RIA/Warren, Gorham & Lamont (Eagan, MN), a unit of The Thomson Corp., has begun the publication of three new tax journals, including Journal of Taxation of Tax Exempt organizations, Journal of Corporate Taxation and Business Entities.
Other benefits of ownership and equity participation for embassies, consulates and other related tax exempt organizations (and not-for-profit groups) include the ability to stabilize occupancy costs and take control of their office and residential environment.
In addition, a tax-exempt organization must file Form 990-W, Estimated Tax on Unrelated Business Taxable Income for Tax Exempt Organizations and make estimated tax payments on unrelated business income if it expects its total tax to be $500 or more for the year.