Process of tax exempt organisation in U.S. Importance of the process
In U.S., according to federal law a non-profit organization can be tax exempted under section 501(c)(3) when it's main activities are educational, scientific, charitable, religious, literary, fostering amateur sports competition, testing for public safety, and preventing children or animals from cruelty. The process involves the following steps:
-- choose a legal name for nonprofit corporation
-- filing articles of incorporation with the corporate filing office of the state
-- applying for the IRS tax exemotion
-- applying for the state tax-exempt status
-- creating and drafting of the bylaws
-- appointment of the directors
-- preparing minutes of the organizational meeting
-- establishment of the records book of corporate
-- handling post-incorporation tasks and filings
It is vital to understand this process because it can reduce the taxable incomeby the donation amount when they itemize their deductions on their federal IT return; and taking advantage of reduced postal rates for several purposes
6. Describe the process for becoming a tax-exempt organization. Why do you believe it is important...
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