tax exemption

(redirected from Tax-exempt status)
Also found in: Dictionary, Encyclopedia.
Related to Tax-exempt status: Form 1023

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.

Mentioned in ?
References in periodicals archive ?
A business of about $10 billion in annual revenues, the NFL has held tax-exempt status since the 1940s and so was required to file a publicly available IRS form listing compensation for the highest-paid employees.
NFL gives up tax status; Nonprofit exemption 'a distraction'
Additionally, the club changed its bylaws since it was first given tax-exempt status by the county in 2004 to require club members to also be members of the National Rifle Association, Tapia noted.
County decides to terminate gun club's tax-exempt status
A cap or repeal of the tax-exempt status of municipal bond interest would deeply affect Americans' retirement nests and asset formation.
NACo paper explains importance of municipal bonds
Organizations that the IRS grants tax-exempt status are subject to strict rules regarding political activities.
A closer look at the IRS's targeting of Tea Party and other groups for review
At least 75 groups were targeted in the action, but, Lerner assured, none had their tax-exempt status revoked.
IRS admits it targeted tea party and other conservative groups
To date, 14 groups have been granted tax-exempt status by the IRS, the others are pending and no organization has been denied.
ACLJ Calls IRS Apology for Targeting Tea Party Groups 'Significant Victory for Free Speech and Freedom of Association'
The number of applications for tax-exempt status was down about 7 percent last year compared to 2010, from 65,648 to 60,980.
Number of nonprofits down, filing with IRS up
He noted that the agency had been vigilant in letting all tax-exempt organizations know that because of a law passed by Congress in 2006, if they didn't turn in their 990 forms for three consecutive years they would lose their tax-exempt status.
IRS: you are not tax exempt
According to The Forward, applications for tax-exempt status are sent to the IRS's quality assurance office in Washington if they involve terrorist countries or if the IRS receives a petition from a third party to deny the applicant tax-exempt status.
Jewish group suing IRS over its tax-exempt status
Also, in early 2011, the IRS plans to publish a list of organizations that have lost their tax-exempt status due to noncompliance.
IRS Offers One-Time Special Relief Filing Program: Last Chance for Small Tax-Exempt Organizations to Preserve Their Exempt Status
Non-compliance for three consecutive years can result in the organization automatically losing its tax-exempt status, which means an organization must file income tax returns, pay income tax and its contributors will not be able to deduct their donations.
Small nonprofits at risk under new IRS filing requirement
In the waning days of the Bush administration, the government ended its long-running effort to retroactively revoke the tax-exempt status of a Democratic Party-affiliated organization that it claimed had improperly promoted the party's candidates.
Democrats keep exemption

Financial browser ?
Full browser ?