Legal

State Income Tax Exemptions

The 501(c)(3) is a well-known tax exemption which grants charitable nonprofits an exemption from federal corporate income taxes. What many people do not know is that this is distinct from state tax exemptions.  The good news is that many states offer nonprofits a variety of exemptions from corporate income tax to other imposed state taxes …

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501(c)(3) Prohibited Activities and Required Disclosures

An exempt organization must operate in accordance with the charitable purpose or purposes outlined in its application for recognition of tax-exempt status (Form 1023 or 1023 EZ). Organizations must also notify the IRS of any substantial changes to its operating purpose. The IRS has established regulations that prohibit nonprofit 501(c)(3) public charities from specific types …

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Maintaining Legal Compliance – SA

Nonprofit compliance Nonprofit compliance laws are put in place by federal and state authorities to protect the public and ensure nonprofit organizations do not abuse their financial advantages. Because 501(c)(3) organizations are exempt from federal taxes and have access to public funding, they are held to a high standard by the public and by our …

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