Return Of Organization Exempt From Income Tax - The Nature 2023-2024

Return Of Organization Exempt From Income Tax - The Nature: What You Should Know

PURPOSE The IRS tax form 990 is used by some tax-exempt organizations to determine their exempt status for the preceding tax year. Exempt organizations use Form 990 to document the following: The organization's exempt status(s); and The income and expenses of the organization during an exempt period of the previous year. INCOME INFORMATION Generally, the information you provide in your 990 is not required to be included in your Form 990-PF, although it may be for your convenience and in the interest of your auditors. Please check the “What do I need to enter?” portion of the 990 that states “income that does not qualify you as an exempt organization.” You need this information if you expect to qualify for a tax exemption for the upcoming tax year. This information may be required on your 990 because you expect to receive a refund or for other tax laws or regulations. If you think you might be exempt from paying tax, you can contact a tax professional to discuss ways of achieving the status you may be seeking. INCOME TAX STATUS INFORMATION Taxpayers who are involved in “bona fide research, teaching, or other similar exempt activities” are usually exempt. An exempt organization is an organization that qualifies as a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. If you have an established charitable giving program, you also might be a tax-exempt charity. Please check “Exempt programs, activities, and purposes.” Some charities have more than one definition, such as a foundation or a private school.

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