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Tax exempt organizations on-going responsibilities are to conduct exempt purpose activities, records keeping, annual filing obligations, and public disclosures.

Conduct exempt purpose Activities
when applying for tax exempt status, 501 (c)(3) organizations are required by IRS to have documents that:
  • Limit the organization’s purpose to one or more of the exempt purposes set forth in the application.
  • Never expressly empower the organization to engage in activities that are not in furtherance of its purposes.
  • Permanently dedicated assets of the organization to an exempt purpose described in the application.
 
Records Keeping
Non-profit organizations are required to make sure that records are in good shape as required in the compliance Guide for 501 (c) (3) Public Charities. Charity organizations should have:
  • Financial Detailed records.
  • Non-financial detailed records.
 
Annual Filing Obligations
Public charities organizations are required by IRS to meet mandatory annual filing requirements in other to maintain their exempt status. Most 501 (c)(3) organizations need to file annual exempt organization returns, and some organizations may be required to file unrelated business income tax filing, as well as other returns and reports. Annual filing can include:
  • Form 990.
  • Form 990-EZ.
  • Form 990-N (POST CARD).
  • Form 990-T.
 
Public Disclosures
In return to be tax exempted from federal income tax, possible exemption from State, sales tax and employment tax, Tax-deductible donations, and reduced postal rates, 501(c)(3) Tax exempt organizations are required by congress to share the following documents with the public upon request.
  • Annual returns from last 3 years – form 990, 990-EZ, 990-PF, and any form forms 990-T filed after august 17, 2006.
  • All form 990 schedules, attachments and supporting documents.
  • Application for exemption and all supporting documents (form 1023).
  • Letter from the IRS ruling that your organization has exempt status (Determination Letter).
 
Bass Accounting & Tax – CPA, LLC will always be along your side to acquire and/or maintain your tax exempt status. Our team members will help you file forms 1023 (application for tax exempt status), and all the required annual tax forms and schedules.