Question: Is there a faster way to obtain tax-exempt status for my charity? Answer: Currently, the IRS has more than 60,000 501(c)(3) applications in its backlog, with many of them pending for nine months. IRS Form 1023 is a 26-page monster and requires on average 100...
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When is Unrelated Business Income Taxable?
If your nonprofit engages in inactivity unrelated to its exempt purpose, you may have Unrelated Business Income that is taxable. Unrelated Business Income is the income from a trade or business regularly conducted by an exempt organization and not substantially...
Does a Church have to have a 501c3?
Question: Does a Church need to apply for 501c3? Answer: While it is true that Section 508(c)(1) of the Code relieves Churches from applying for favorable determination letters regarding their exempt status, there is nothing in Section 508(c)(1) which relieves a...
A Primer on Private Foundations
Every organization that qualifies for tax exemption as an organization described in section 501(c)(3) is a private foundation unless it falls into one of the categories specifically excluded from the definition of that term (referred to in section 509(a)). In...