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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How to Write 501c3 Bylaws

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Companies that are seeking a 501c3 status are required to have certain nonprofit bylaws in place before the tax-exempt status will be awarded. These bylaws are the methodologies and rules that will govern how the company operates on a daily basis. It’s more than just internal policies that are being…

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What Are the 501c3 Requirements

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For a company to receive a 501c3 status, it must be exempt in such a way that it meets educational, religious, or charitable needs in some way. This may include scientific research, literary work, public safety testing, and even amateur sports. The IRS considers the legal term of charity as…

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What is a 501c3 Organization

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Any organization that has been granted a 501 status from the IRS is considered to be a tax-exempt organization. Many refer to these companies as a nonprofit organization. There are 29 different types of statuses that can be assigned to an organization and many of them allow for an exemption…

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501c3 vs 501c4

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Organizations in the United States are sometimes referred to under the tax code that applies to the company. For nonprofits, two common classifications are the 501c3 and the 501c4. Although similar in the fact that these companies are tax exempt on a national level and pay no federal income taxes,…

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