Tax exemption

racially or politically. The IRS has been known to deny tax exemptions to certain political groups and harass people of different races. Taxpayers also deemed the…

Church falls under IRS Section 501C which makes the church tax exempt, but they should have to pay taxes. To be in compliant with Section 501C of the Internal Revenue Code church must follow strict guidelines to keep their tax-exempt status. The organization cannot be organized or operated for the benefit of private interest. None of its earnings may inure to any private shareholder or individual. One of the biggest ways churches lose their tax-exempt status is becoming an action…

There are many reasons why churches should remain tax exempt. There are some who believe that churches should be required to pay taxes, but I believe that taxing churches would diminish the good works that churches do for their surrounding communities. Since the year 1894, churches in the United States have been tax exempt as a way of separating churches from the state. By taxing churches, funds which would otherwise be used to help those in need would need to be paid in taxes. Churches help…

In order for a private healthcare institution’s real estate and personal property to be tax exempted, there are two qualifying factors. The factors are qualifying as a charity and use for a charitable purpose (Showalter, 2012). To qualify as a 501 (c)(3) charitable organization, the organization must be organized and operated for religious, hospital, educational, employee representation, or welfare purposes (Showalter, 2012). In order for an organization to qualify as charitable, the IRS has…

in 1987. This was due to the fact that congress concluded that the revocation of tax exemption for excessive lobbying was an ineffective deterrent in some cases. This was due to some charitable organization that raised money from tax deductible contributions under the 501 (c) (3) tax exemption for a substantial lobbing effort and then just ceased operation. The organizations were indifferent to their 501 (c) (3) tax exempt status being revoked after their political objectives were met because it…

FEDERAL ESTATE TAX: CURRENT STATUS Proposals to repeal the estate tax in the legislative body of the government were apparent in 2009 but Congress was unsuccessful in the termination of the federal estate and generation-skipping transfer (GST) taxes. Consequently, the landscape for the federal estate and GST taxes appears markedly different than it was in 2009, and different from how it is likely to be in 2011. Even though Congress did not reach agreement on the federal estate, GST, and gift…

particular, is enough to raise a few hairs on your neck. That is the Internal Revenue Service scandal. Caution, if you value your right to privacy, read on. What was the IRS Scandal? The IRS scandal targeted conservative groups who were applying for tax exempt status. Many of these groups…

between the two tax structures is the U.S. does not receive revenue from value-added taxes and the U.K. does not receive revenue from sales taxes. Another difference is the tax base of the U.S. is more than 10% smaller than the U.K. Both countries are similar in allowing personal standard deductions for each dependent. Another similarity is both tax systems’ personal income tax is the greatest source of revenue for the federal and central government. The tax systems are also similar in tax…

Obtaining federal tax-exempt status is somewhat of a mystery for my incorporated business owners. Gaining tax-exempt status for your nonprofit 501(c)(3) organization is necessary to reap the majority of the real benefits, such as access to grant money, income exemptions, property exemption, and tax-deductions for donations received. Therefore, it’s important to understand the steps to successfully apply for tax-exempt status. Planning and Forming a Nonprofit When forming a business that you…

learned. Tax is generally an amount of money that is charged by a government on a product, income, or activity so that it can pay for public services. In addition, there are several very common types of taxes: • Income Tax (a percentage of individual or corporate earnings filed to the government) • Sales Tax (taxes charged on certain goods and services) • Property Tax (taxes charged on the value of land…