Section 501(c)(3) is part of the Internal Revenue Code (IRC) and is a special tax category for non-profit organizations.
Organizations that meet the requirements of Section 501(c)(3) are exempt from paying federal income tax.
While the IRS recognizes more than 30 types of non-profit organizations, only 501(c)(3) organizations can claim that donations to them are tax deductible.
501(c)(3) organizations must pay their employees wages at fair market value.
To receive favorable tax treatment, a non-profit organization must not deviate from its purpose or mission.
Form 1095-C: Employer Health Insurance Offer and Coverage is a tax form with information about employee health insurance offered by the eligible Large Employer (ALE).
Form 706 is used by the executor of a deceased person to calculate inheritance tax owed under Chapter 11 of the Internal Revenue Code (IRC) and to calculate Generation Pass Transfer Tax (GSTT) under Chapter 13 of the IRC. .
A limited liability company (LLC) is a corporate structure that protects its owners from personal harassment for paying off debts or obligations of the company.
A limited partnership (LP) exists when two or more partners start a business together, but the limited partners are only liable up to the amount of their investment.
Substantial participation tests help determine whether a taxpayer has been materially involved in a business, lease, or other income-generating activity.