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What is a tax-exempt organization? A tax-exempt organization is a business entity that does not have to pay federal income taxes. Nonprofits, which reinvest earnings to support their mission, are ...
The Uganda Revenue Authority (URA) is a government revenue collection agency established by the Parliament of Uganda. Operating under the Ministry of Finance, Planning and Economic Development , the URA is responsible for enforcing, assessing, collecting, and accounting for the various taxes imposed in Uganda .
A tax-exempt organization with annual gross receipts of less than $200,000 and assets less than $500,000 has the option of filing a shorter alternative form, Form 990-EZ instead. [ 11 ] [ 12 ] For a tax-exempt organization that normally has gross receipts no more than $50,000 per year, the organization has the option to file a shorter ...
Tax exemption does not excuse an organization from maintaining proper records and filing any required annual or special-purpose tax returns, e.g., 26 U.S.C. § 6033 and 26 U.S.C. § 6050L. Prior to 2008, an annual return was not generally required from an exempt organization accruing less than $25,000 in gross income yearly. [ 11 ]
Furthermore, to qualify for tax-exempt status, the organization must be: Organized as a corporation, LLC, [a] trust, or unincorporated association with organization documents limiting the organization's reach permanently to the purpose it's filing the form for. Operated to further the purposes laid out in its organization documents, and:
Most tax-exempt organizations are required to file annual financial reports (IRS Form 990) at the state and federal level. A tax-exempt organization's Form 990 and some other forms are required to be made available for public scrutiny.
Qualification requires that the organization be created and operated for one of a long list of tax-exempt purposes, [6] which includes more than 28 types of organizations and also requires, for most types of organizations, that the organization apply for tax-exempt status with the Internal Revenue Service, [7] or be a religious or apostolic ...
This limiting of the powers is crucial to obtaining tax exempt status with the IRS and then on the state level. [12] Organizations acquire 501(c)(3) tax exemption by filing IRS Form 1023. [13] As of 2006, the form must be accompanied by an $850 filing fee if the yearly gross receipts for the organization are expected to average $10,000 or more.
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