Copyright © 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption.
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Copyright © 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption
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Transcript of Copyright © 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption.
- Slide 1
- Copyright 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption
- Slide 2
- Copyright 2014 by The University of Kansas Use legal counsel when applying for nonprofit status and tax-exemption
- Slide 3
- Copyright 2014 by The University of Kansas Key difference: Nonprofit status is granted by the state, while the IRS grants federal tax-exemption.
- Slide 4
- Copyright 2014 by The University of Kansas Three types of federally recognized nonprofit organizations: Corporations Unincorporated organizations Trusts
- Slide 5
- Copyright 2014 by The University of Kansas Corporations: Most common choice for community organizations Are well understood Promote continuity Limit personal liability
- Slide 6
- Copyright 2014 by The University of Kansas Federal tax-exemption: 501(c)(3): the "charitable tax exemption" Allows exemption from federal corporate and income taxes Allows solicitation of tax-deductible contributions 26 different exemptions exist for different purposes
- Slide 7
- Copyright 2014 by The University of Kansas Ways to become tax-exempt: Application Automatic recognition Using a fiscal conduit
- Slide 8
- Copyright 2014 by The University of Kansas Weighing the advantages and disadvantages of nonprofit and tax-exempt status
- Slide 9
- Copyright 2014 by The University of Kansas Understanding when you should (and shouldn't) consider applying for such status
- Slide 10
- Copyright 2014 by The University of Kansas Applying for nonprofit status: Hire legal counsel Decide whether to apply Decide the form you will take Decide the state Apply for nonprofit status Be aware of requirements for reporting and renewal
- Slide 11
- Copyright 2014 by The University of Kansas Applying for tax-exemption: Hire legal counsel Determine eligibility Decide to apply Obtain nonprofit status Decide the exemption your organization is eligible for Apply for exemption Understand requirements for reporting and renewal
- Slide 12
- Copyright 2014 by The University of Kansas Finding cheap help: Ask, ask, ask! Legal Aid American Bar Association lists Publications related to your cause
