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Copyright © 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption.

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Presentation on theme: "Copyright © 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption."— Presentation transcript:

1 Copyright © 2014 by The University of Kansas Understanding Nonprofit Status and Tax Exemption

2 Copyright © 2014 by The University of Kansas Use legal counsel when applying for nonprofit status and tax-exemption

3 Copyright © 2014 by The University of Kansas Key difference: Nonprofit status is granted by the state, while the IRS grants federal tax-exemption.

4 Copyright © 2014 by The University of Kansas Three types of federally recognized nonprofit organizations: Corporations Unincorporated organizations Trusts

5 Copyright © 2014 by The University of Kansas Corporations: Most common choice for community organizations Are well understood Promote continuity Limit personal liability

6 Copyright © 2014 by The University of Kansas Federal tax-exemption: 501(c)(3): the "charitable tax exemption" Allows exemption from federal corporate and income taxes Allows solicitation of tax-deductible contributions 26 different exemptions exist for different purposes

7 Copyright © 2014 by The University of Kansas Ways to become tax-exempt: Application Automatic recognition Using a fiscal conduit

8 Copyright © 2014 by The University of Kansas Weighing the advantages and disadvantages of nonprofit and tax-exempt status

9 Copyright © 2014 by The University of Kansas Understanding when you should (and shouldn't) consider applying for such status

10 Copyright © 2014 by The University of Kansas Applying for nonprofit status: Hire legal counsel Decide whether to apply Decide the form you will take Decide the state Apply for nonprofit status Be aware of requirements for reporting and renewal

11 Copyright © 2014 by The University of Kansas Applying for tax-exemption: Hire legal counsel Determine eligibility Decide to apply Obtain nonprofit status Decide the exemption your organization is eligible for Apply for exemption Understand requirements for reporting and renewal

12 Copyright © 2014 by The University of Kansas Finding cheap help: Ask, ask, ask! Legal Aid American Bar Association lists Publications related to your cause

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