After reading this guide, you will understand how organizations exempted beneath section 501(c) in the Internal Revenue Code can:

  • Satisfy the recordkeeping and reporting specifications
  • Satisfy the framework for filing
  • Hold on to its tax-exempt standing

The document talks about the various requirements for 501(c)(3) organizations. It also presents some information about organizations that are exempt under other code sections too. It is best to look at the publications and sections of law mentioned in the material for a more in-depth discussion on this and other matters like exceptions to the rule. Every chapter in this document has an exhaustive list of references.

Legal Authority

The Internal Revenue Code is also known as the Title 26 of the United States Code. Originally enacted by Congress on August 16, 1954, as the Internal Revenue Code of 1954, it was extensively updated when Congress passed the Internal Revenue Act of 1986 on October 22, 1986. Both laws have been amended several times by Congress, and the body of law these provide is used to guide all tax administration in the US.

Regulations are issued by the IRS that presents its perception of the law. Under Title 26 of the Code of Federal Regulations, the regulations are issued with the signature of the Secretary of the Treasury (or his delegate). These regulations have precedence over any rulings or other releases issued by the IRS or the Treasury where tax matter is concerned.

Chapter 2 - Exemption Status ->