While it would be nice if every company could claim tax-exempt status with the federal government, the fact of the matter is only a select number of organizations qualify as tax-exempt.
If you believe that your company or organization might qualify, you might wish to enlist the aid of a Tampa CPA from Reliance Consulting, LLC, to make sure.
In general, the IRS only allows a company to be recognized as tax-exempt if it is organized with the appropriate legal form. Those forms are:
- A trust
- A corporation
- An association
Although non-profit charities and churches are the best-known tax-exempt bodies, an organization does not necessarily have to be an organized charity or religious association in order to qualify as tax-exempt. There are different levels of tax-exemption, and there are many different types of organizations that can qualify. They include:
- Social welfare organizations
- Certain agricultural or horticultural organizations
- Certain labor organizations
- Certain trade associations
- Certain social clubs and fraternal societies
- Employee benefit associations or funds
- Veterans organizations
- Certain political organizations
- And others
To learn more about how and why particular organizations can be considered tax-exempt by the IRS, contact Reliance Consulting today.