The governing body that is tasked with the selection of criteria for granting tax exempt status is the IRS. The IRS however, decides how different organizations and charities can be exempted from paying taxes. Some Pay For Dissertation organizations that have the tax-exempt status include public charities, private foundations, and commercial organizations. Under the Internal Revenue Code, for an organization to have tax-exempt status, it must be organized and operated exclusively for exempt status as outlined in section 501(c)(3). This essay discusses Best Paper Writing Service. the requirements for tax-exempt status to public charities, private foundations, and commercial organizations.
A private foundation may have the tax exemption status if it is subject to tax on net investment income. Furthermore, the contributions by the donors are deductible up to 50 percent of the donors’ gross income. In addition, a privateDo My Paper. foundation may receive donation funds from another private foundation if it has no control over it (IRS).
Public charities are organizations that are operated exclusively for exempt purposes. For an organization to be a public charity, it needs to adhere to the following criteria;
For commercial organizations, nonprofit organizations may have tax exemption status. They however must adhere to the following criteria;
IRS. Exemption Requirements – 501(c)(3), https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-501c3-organizations. Accessed 14 November 2019
Get your Homework done at https://termpapersite.com/
From: New York City, New York Select Country - Last Login: 1 year ago.
0 out of 5
0 out of 5