The term "501(c)3" refers to the most common type of nonprofit organization recognized by the IRS. According to About.com, this category embraces such diverse entities as old-age homes, charity hospitals, schools, churches and the Red Cross, among others. These organizations are exempt from taxation, and donations to them are generally tax deductible.Know More
Groups organized under the 501(c)3 designation operate in the public interest and promote charitable, religious, educational and literary objectives. Sometimes they organize sporting events or testing for public safety. Community groups, such as boys' and girls' clubs, are typically registered as 501(c)3s, as reported by About.com.
The IRS has strict rules governing the organizing and subsequent conduct of 501(c)3 groups. According to its official information page, the IRS expects 501(c)3 entities to be organized and operated exclusively for recognized exempt purposes. Such groups may raise funds and receive grants, but excess net funds must not be allowed to inure to the advantage of any private interest or individual. If an individual having substantial influence over a 501(c)3 entity engages in an "excess-benefit transaction" by, for example, leasing the charity's land for private purposes at a steep discount, the IRS might impose an excise tax to ensure the integrity of institution.Learn more about Taxes
The IRS is able to issue tax refunds in the form of ordinary cashier's checks, which makes it possible to deposit or cash them anywhere a person would ordinarily cash a check of equal value. People who do not have a bank account, and who are unwilling to cash the check at a check-cashing store, are able to quickly access their refunds through prepaid cards, according to Forbes.Full Answer >
The Federal Unemployment Tax Act provides payments of unemployment compensation to workers who have lost their job, according to the IRS. Under the Act, employers pay both a federal and state unemployment tax; they are not deducted from employee wages.Full Answer >
As of March 2015, qualifying individuals who earn $53,000 a year or less, have a disability, are elderly or speak little English can receive free tax preparation help from the Volunteer Income Tax Assistance (VITA) program, as stated by the IRS. The Tax Counseling for the Elderly (TCE) program also provides free tax assistance and specializes in aiding taxpayers 60 and older.Full Answer >
The Internal Revenue Service’s Publication 17 can be found in its entirety on the official website of the IRS. Publication 17 is available as a PDF download, HTML page or downloadable eBook. There is no cost for viewing Publication 17 online.Full Answer >