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Explanation of Exempt & Non-Exempt

For income tax purposes, “exempt” and “non-exempt” refer to an organization’s obligation to pay federal income taxes. Most organizations are non-exempt since they solely operate to earn profits. However, the minority of organizations that do operate for a purpose other than to earn profits may qualify for be tax-exempt status, which means they have no obligation to pay taxes to the IRS.

Tax-Exempt Status Requirements

The IRS reviews applications for tax-exempt status and only approves them if the organization only engages in activities listed in Internal Revenue Code section 501(c)(3). This tax code only grants tax-exempt status to entities organized as corporations, community chests, funds and foundations. Moreover, it must operate exclusively to promote humanitarian, religious, charitable, scientific, educational, literary and public safety causes. Also eligible are organizations that promote amateur sports competitions, even if held abroad. Under 501(c)(3), the term “exclusively” means that not even one percent of an organization’s revenue can provide owners or shareholders with a dividend or profit distributions other than salaries and wages that are paid for services. Otherwise, the organization’s application for tax-exempt status will be denied.

Form 1023

Unless an organization is religious-based, tax-exempt status isn’t automatic and must be applied for. This requires filing Form 1023 with the IRS Form 1023 requires disclosure of the organization’s principal mission and a description of its operating activities, with the goal convincing the IRS that tax-exempt status would be appropriate. And if your organization files Form 1023 within two years and four months of its legal formation, the 501(c)(3) tax-exempt status will apply retroactively, provided the IRS approves the application of course.

Benefits of 501(c)(3)

The main benefit and underlying purpose of obtaining tax-exempt status is that it allows a nonprofit to reinvest all income back into the organization to carry out its principal mission. This, however, doesn’t eliminate the nonprofit’s obligation to file annual tax returns with the IRS. The IRS still wants to keep track of tax-exempt organizations, and for this reason, requires annual financial disclosure on Form 990. The simpler Form 990-EZ is available if gross annual earnings are less than $100,000 and organization’s total asset value stays below $250,000.

Reference: Instructions for IRS Form 1023