Category Archives: Charity

How Long Does it Take to Get a 501c3

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There are numerous steps that must be accomplished before the IRS will grant an organization with a 501c3 status. The company must be organized as a corporation and have their articles of incorporation filed with their governing state body before they can even apply for this national level tax-exempt status….

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What Are the Benefits of 501c3

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Organizations that apply for a 501c3 status through the IRS and/or their state are doing so because they want to achieve the tax exempt status that comes along with the designation. When the 501c3 status applies at the state and national level, then no taxes on income generally need to…

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How to Write a 501c3 Donation Letter

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Donations that are provided to a 501c3 are generally considered to be tax deductible. Although those making the donation can keep their own records about what was donated, having a written confirmation about the donation makes it easier for the organization and the individual to say in tax compliance every…

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How to Obtain a 501c3

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In knowing how to obtain a 501c3, the first step is to make sure the company seeking this status is properly incorporated. In almost all circumstances, a corporation must be formed for the IRS to grant this tax-exempt status. This requires all appropriate incorporation documents to be filed with the…

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501c3 vs 501c6

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A 501c3 organization is one that has been created and be operated in a manner that fits with certain allowed programs that benefit the general public. Scientific, educational, and religious programs are generally accepted. Charitable organizations and other companies also qualify for this tax exempt status on a regular basis….

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501c3 Rules and Regulations Explained

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The 501c3 tax exempt status is the most common status that is awarded to organizations by the IRS. In order to qualify for this status, an organization must show through its policies and procedures that it is serving the general public good in a specific way. This could be through…

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Philanthropy vs Charity

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Since both involve the donation of money toward a general public good, many see the philanthropy vs charity debate to be pointless. As John Gardner once said, having wealth or giving to charity isn’t new. What makes philanthropy different is that private wealth is used systematically and creatively to solve…

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Private Foundation vs Public Charity

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The IRS may award a 501c3 status to both private foundations and public charities. Both organizations must meet specific regulations that govern how the company operates, what programs and services are offered to the public, and what happens to assets upon dissolution of the organization. Knowing what the difference is…

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501c3 vs 501c7

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There are numerous tax exempt status opportunities for American businesses today. Each is classified under the specific tax codes that govern businesses that fit into that structure. The most popular classification is the 501c3, but the 501c7 status may be a better fit for some organizations. Here are the differences…

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IRS 501c3 Determination Letter Explained

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Every year, the IRS receives about 70,000 different applications for companies to be given a tax-exempt status. By far the most popular of those statuses is the 501c3. After filing Form 1023 or Form 1023-EZ with the necessary materials, eventually the IRS 501c3 determination letter will be sent to the…

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