Purchase Solution

Tax-exempt organization

Not what you're looking for?

Ask Custom Question

Describe the process for becoming a tax-exempt organization. Why is it important for an accountant to understand this process?

Note: Please cite the sources

Purchase this Solution

Solution Summary

Describe the process for becoming a tax-exempt organization. Why is it important for an accountant to understand this process?

Solution Preview

The first step in becoming a tax exempt organization is that your organization must be incorporated.

The other steps are:

File Form 8718, which determines whether your organization qualifies for exemption.

All tax forms can be obtained from the IRS by calling 1-800-829-3676; additional (recorded) information can be obtained by calling 1-800-829-1040. Tax forms can also be downloaded directly from the IRS Web site at www.irs.gov.

File Form 1023. This is a huge booklet, but ...

Solution provided by:
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
Recent Feedback
  • "Thank you. "
  • "Thank you"
  • "Thank you. I got 20/20 last week for my discussion you help me out with."
  • "Thank you. Great Job. "
  • "Thank you. Great Job. "
Purchase this Solution


Free BrainMass Quizzes
Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.