Your Tax Exempt Status — Care and Feeding

Nonprofits do some of the most important work in the world improving lives in countless ways.  In recognition of the nonprofit mission, nonprofits are granted exemption from income tax and other degrees of favorable tax status.  An organization’s tax exemption may be its most valuable asset.  It provides an organization’s donors with a tax deduction for charitable contributions and it allows a nonprofit to direct more of its resources toward its mission and not to income taxes.  Nonprofit status can also be the basis for exemption from other types of state and local tax.  Once nonprofit status is granted, it must be maintained by following the organization’s mission, complying with tax filing requirements, and operating within specific parameters established by the tax law.

In this session, participants will learn key nonprofit tax concepts including the requirements to maintain nonprofit and public charity status, activities that threaten nonprofit status and how your nonprofit can be taxed.

Field of study:  Tax.