If a not-for-profit loses its corporate status at the state level, does this affect its tax-exempt status with the IRS?
Image courtesy of Pixabay.com New federal guidelines have been implemented for 501(c)(4) not-for-profits. The new guidelines require new 501(c)(4) organizations to file a “Form 8976” with the IRS to notify the IRS that the organization is operating as a 501(c)(4). Some existing organizations may also need to file the form. A Google search of Form [...]
Tax-exempt organizations are exempted from paying income tax and federal unemployment tax... but they might have other tax liabilities that they’re responsible for.
Image courtesy of Pixabay.com Sometimes I like to blog about the odd things that happen in my dealings with the IRS. Here's the latest oddity that has me shaking my head. Setup A 501(c)(7) not-for-profit came to me awhile back to say that they'd been in existence since 2006 and had never filed any [...]
Not-for-profits don’t have to pay income taxes (as long as they filed for tax-exempt status). But that doesn’t mean they’re exempt from all taxes, especially at the state level.