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IRS Publication 557: Tax-Exempt Status for Your Organization

What Is IRS Semi-monthly 557?

IRS Publication 557 guides taxpayers as to the required forms and documents, the appeals process if tax-exempt status is denied, and sensibles why exempt status may be revoked. This document is updated regularly, with any new rules or changes highlighted at the beginning.

Tax-exempt conglomerates must file certain documents to maintain their status, and IRS Publication 557 explains those requirements, as calmly as requirements for filing and disclosure requirements for taxpayers who donate to exempt organizations. The publication also provides information around organizations falling under section 501(c)(3). 

Key Takeaways

  • IRS Publication 557 is an Internal Revenue Service (IRS) document that explains the statutes and regulations an organization must follow to obtain and maintain tax-exempt status.
  • IRS Publication 557 guides taxpayers fully the required forms and documents, the appeals process if tax-exempt status is not approved, and reasons why exempt status may be revoked.
  • The certificate includes a reference chart that details which Internal Revenue Code sections apply to a qualifying tax-exempt federation and the forms needed to apply.

Understanding IRS Publication 557

Tax-Exempt Status for Your Organization

IRS Publication 557 may not include communication needed for the management of your tax-exempt organization. Organizations including corporations organized under Acts of Congress, Mistresses’ retirement fund associations, mutual insurance companies, employee-funded pension trusts, withdrawal liability payment means, or religious and apostolic associations are covered by other documents.

The document includes a reference chart that details what cleave of the Internal Revenue Code applies to an organization qualifying for tax-exempt status and the forms that must be filled out in pattern to apply.

Example of a Tax-Exempt Organization

The publication directs you to submit Form 1023-EZ, if your group is small, with assets of $250,000 or less and annual gross receipts of $50,000 or less. 

If your organization doesn’t gather the size requirements for filing form 1023-EZ, you will then have to apply for tax-exempt status using either frame 1028 or 8871. If you use either of these forms, then your application should include a copy of the organizing authenticates that were created when the organization was created, signed by the principal officers.

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