Understanding the advantages and disadvantages of tax exempt status is critical to determining whether this is an appropriate business structure for your organization. There are a number of pros and cons to becoming tax-exempt.
Having a thorough understanding of the implications of tax exempt status is important for any organization considering this status. Tax-exempt organizations are subject to various state and federal regulations and tax laws.
A Hawaii law – which is set to take effect on July 1 – could cause many nonprofit organizations to lose their tax-exempt status, according to Pacific Business News.
The Internal Revenue Service continues to urge thousands of 501(c)(3) charitable organizations that missed last month’s tax deadline to file their paperwork as soon as possible.