501(c)(3) organizations are nonprofit entities that meet specific criteria under the United States Internal Revenue Code, making them exempt from federal income tax.
501(c)(4) refers to social welfare organizations that can engage more in lobbying and political activities.
An overview of 501(c)(9) section of the Internal Revenue Code, where Voluntary Employees' Beneficiary Associations (VEBAs) qualify for tax-exempt status.
A comprehensive guide to Exempt Supplies, which are goods or services identified as exempt from Value Added Tax under the Value Added Tax Act 1994.
Mutual trading describes the situation where a company's income is derived solely from its members' contributions. Historically prevalent among insurance companies and building societies, these 'profits' are considered surpluses, exempt from UK corporation tax.
A comprehensive guide to not-for-profit organizations, including historical context, types, key events, detailed explanations, applicability, examples, related terms, comparisons, interesting facts, famous quotes, FAQs, and more.
An overview of property tax exemption, specifically focusing on provisions for widowed individuals, its types, historical context, and applicability.
Qualified Sponsorship refers to payments received from sponsors where the sponsor does not receive any substantial return of benefits. This concept is critical in determining the exclusion from Unrelated Business Income (UBI) for non-profit organizations and other entities.
A comprehensive overview of the Tax Exempt Special Savings Account (TESSA) from its inception to its replacement by ISAs, including historical context, key features, significance, and related financial terms.
An in-depth exploration of tax-exempt status, a classification often designated to non-profit organizations to be free from paying federal income tax.
Income from forgiven debt that is typically subject to income tax unless exempted.
A comprehensive guide to understanding what constitutes a dependent for tax purposes, including qualifications and exemptions as defined by the Internal Revenue Code.
An in-depth look at Lifetime Exemption as part of the Unified Estate and Gift Tax system in the United States.
A nonprofit organization is an association allowed to exist without paying income taxes, typically engaged in socially desirable activities. This guide provides a detailed understanding of nonprofit organizations, their benefits, requirements, and examples.
A comprehensive overview of Qualified Transfer for tax-exempt payments related to education and medical care. Learn about the details, applicability, and examples.
Tuition reduction is a valuable benefit offered to employees of educational institutions, allowing for potential tax-free educational assistance. This article explores its types, eligibility, and benefits.
Understanding the Over-55 Home Sale Exemption, a former tax provision that allowed qualified homeowners aged 55 and older to exclude a portion of their home sale capital gains from taxation, which ended in 1997.
A comprehensive guide on tax exemptions, including how they work, various types of exemptions, frequently asked questions, and practical examples.
