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The most popular form of tax-exempt organization is one that can accept tax-deductible contributions. Known as a 501(c)3, it must follow specific rules and is subject to special oversight and severe penalties for violations. In this presentation, Joe Kroll of the Internal Revenue Service discusses the benefits and responsibilities of this status. Although attaining tax-exempt status can be complex, he clearly summarizes the process and gives useful advice for both active and new groups.
Kroll details the nature of the 501(c)3 organization, including its formation and dissolution. He reveals four factors that could jeopardize an organization's tax-exempt status, and describes how each of these can lead to penalties or revocation of the tax-exempt status. He also covers employment issues, including filing requirements for employees and independent contractors.
Joe Kroll is a national speaker for the Internal Revenue Service. As exempt organization audit manager in San Francisco, he manages employees who conduct examinations of organizations with religious, charitable, scientific, literary, educational, civic, labor, agricultural, social, and fraternal purposes. Kroll began his IRS career in 1987 as a revenue agent in Dallas and has worked in numerous functions within the exempt organizations area, including technical review, audit selection, classification, and team examinations.
Resources:
This program is from our Nonprofit Boot Camp series.
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