Tax Exempt Organizations
Any time you deal with the IRS, things can quickly become complicated and confusing. You may be worried about how your involvement with the IRS is going affect your tax-exempt organization.
Whether you want to establish a new tax-exempt organization, ensure you hold onto your tax-exempt status, or contend with other issues with your tax exemptions, you can rely on a tax-exempt organization attorney to help you.
Learn more about obtaining and maintaining tax-exempt status and how the dedicated legal team at LoPrete, Lyneis & Carnwath, P.C., will be able to help you with all of your tax exemption needs.
What Are Tax Exempt Organizations?
A for-profit business cannot become a tax-exempt organization. In order to qualify for this status, organizations must fall into one of these categories:
- Public Charity: This can include charitable, scientific, religious, literary, educational, or testing for public safety organizations. Other kinds of organizations could qualify as long as they meet the requirements laid out for being tax-exempt under Internal Revenue Code Section 501(c)(3).
- Private foundation: If your organization qualifies for tax-exempt status under Internal Revenue Code Section 501(c)(3), then you can file for tax exemption. Private foundations are not the same as charitable organizations. They are generally funded with family money & their primary activity is making grants to charitable organizations, who are 501(e)(3) exempt.
We encourage you to speak with one of our knowledgeable and experienced attorneys to determine if your organization qualifies.
How an Attorney Can Assist You
An attorney can help you establish your organization, apply for tax-exempt status, and ensure that you retain that status year after year. They can also assist with filing the taxes by the annual deadline. Tax-exempt organizations have to manage a number of day-to-day tasks, such as investment reporting and making required distributions. Organizations have to guarantee they are fully compliant at all times, or else they risk losing their status.
With one of our tax exemption attorneys on your side, you can focus on your everyday activities instead of worrying about compliance. Don’t hesitate to reach out to our office today to discuss your goals.
Need help with establishing or maintaining tax-exempt status in Bloomfield Hills? Do you have legal questions? Then contact LoPrete, Lyneis & Carnwath, P.C. at (248) 594-5770 to get started.
Establish and maintain your tax-exempt status with an experienced attorney. Charitable organizations, private foundations, churches and religious organizations, and political organizations qualify.
