501(c) Organization
A 501(c) organization, also known colloquially as either a 501(c) or a "nonprofit", is an American tax-exempt nonprofit organization. Section 501(c) of the United States Internal Revenue Code (26 U.S.C. ยง 501(c)) provides that 28 types of nonprofit organizations are exempt from some federal income taxes. Sections 503 through 505 set out the requirements for attaining such exemptions. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well.
Read more about 501(c) Organization: Types, General Compliance Issues, 501(c)(3), 501(c)(4), 501(c)(5), 501(c)(6)
Famous quotes containing the word organization:
“One of the many reasons for the bewildering and tragic character of human existence is the fact that social organization is at once necessary and fatal. Men are forever creating such organizations for their own convenience and forever finding themselves the victims of their home-made monsters.”
—Aldous Huxley (1894–1963)