tax exemption

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Related to Tax-exempt organization: Tax exempt status, 501c

tax exemption,

immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various charities, civic leagues, labor unions, trade associations, social clubs, and political organizations. Such policies date back to 1894, when the U.S. Congress passed income tax laws that provided exemptions for certain institutions.

tax exemption

The release of a property from the obligation to pay real estate taxes.
References in periodicals archive ?
Barring that, however, the onus is (again) generally on the tax-exempt organization to file the required extensions, remit the estimated payments on UBTI, and file its state income/franchise tax returns.
Bertelsman noted that the IRS "argues that the Atheists voluntarily choose to spend their time and money complying with the alleged discriminatory standards for tax-exempt organizations and their self-inflicted injury fails to rise to an injury in fact and is not traceable to Government action.
Microdata records of all Forms 990 and 990-EZ sampled for the annual SOI study of tax-exempt organizations.
Any CEO of a tax-exempt organization will tell you that he or she is always looking for attorneys to serve on the board of his or her organization.
To claim the healthcare tax credit, tax-exempt organizations will need to file Form 990T, even if they have no unrelated business income.
To gather data on CHOLI transactions, the IRS has developed drafts of 2 forms: Form 8921, Transactions Involving a Pool of Applicable Insurance Contracts, and Form 8922, Applicable Insurance Contract Information Return (for Tax-Exempt Organizations and Government Entities under Section 6050V).
The Internal Revenue Service recently provided valuable guidance for tax-exempt organizations regarding joint ventures with commercial business entities.
The proposed regulations state that if a tax-exempt organization makes the required information widely available it does not have to supply it to each individual that requests it.
Consistent with this characterization, the IRS position regarding Subpart F income was that Subpart F income received by a tax-exempt organization should be treated as a dividend and, consequently, excluded from UBTI.
An organization that wishes to apply for recognition as a tax-exempt organization must generally do so within 15 months after the date it is created.
The IRS believes that strong corporate governance leads to increased compliance for tax-exempt organizations.
Critics claiming that there are "too many" nonprofits will have something to cheer about in early 2011 when the Internal Revenue Service (IRS) publishes the list of tax-exempt organizations that have had their status automatically revoked for failure to file annual information tax returns for three consecutive years.