Nonprofit Law Basics: Is Your Annual IRS Return Due May 15?

Posted by Mollie Cullinane on May 6, 2013 in 501(c)(3), IRS, Nonprofit Law Basics, Nonprofit To-Do, Tax-Exemption, Taxes

Is Your Annual Return Due Soon?
Each year most nonprofits are required to file an annual return with the IRS called a Form 990. The Form 990 is due on the 15th day of the 5th month after the end of the organization’s taxable year. This means that if your organization follows the calendar year, your Form 990 would be due on May 15th of each year.

Nonprofit Law Basics: What are the Benefits of having 501(c)(3) Tax-Exempt Status?

Posted by Mollie Cullinane on Apr 30, 2013 in 501(c)(3), Formation, IRS, Nonprofit Law Basics, Tax-Exemption, Taxes

Tax exemption under Internal Revenue Code section 501(c)(3) provides a number of benefits: Exemption from Federal income tax; Tax-deductible contributions; Possible exemption from state income, sales, and employment taxes; Reduced postal rates; Exemption from Federal unemployment tax; and Tax-exempt financing.

Nonprofit Law Basics: Completing the IRS Form 990

Posted by Liz McCown on Apr 26, 2013 in 501(c)(3), IRS

Since the IRS Form 990 is due for many organizations on May 15, we have provided a cursory list of terms you will find on IRS form 990 and 990EZ.

Nonprofit Law Basics: Who Owns a Nonprofit?

Posted by Mollie Cullinane on Mar 20, 2013 in 501(c)(3), Board of Directors, Nonprofit Law Basics

Who owns a nonprofit?

A major misconception about nonprofit organizations is that people can own them. No one person or group of people can own a nonprofit organization. The public “owns” nonprofit organizations. Nonprofits are created to provide a charitable purpose.

Nonprofit Law Basics: How do we “prove” that our nonprofit has 501(c)(3) tax-exempt status?

Posted by Mollie Cullinane on Feb 13, 2013 in Nonprofit Law Basics

How do we “prove” that our nonprofit has 501(c)(3) tax-exempt status?