Showing posts with label registering religious corporation. Show all posts
Showing posts with label registering religious corporation. Show all posts
Monday, July 26, 2010
Nonprofit Planning!
To successfully establish a new nonprofit organization, many factors must be considered. What is its mission? What type of organizational structure and classification will best suit its purpose? What are the steps to develop an effective strategic plan? Where will the organization find funding? What licenses, permits, and registrations does the District government require?
Once a nonprofit organization is up and running, it must maintain good standing with the District government. On-going requirements (if applicable) include renewing the organization's business license, reporting income, and paying taxes. License renewals and payments will depend on the type of organization, and the date of your original business license application.
To Read More: Nonprofit Planning!
NYS- Provides a Tax exemption for Not-for-Profit Corporations and Religious Corporations!
A general principle of taxation is that tax exempt status is narrowly construed. To substantiate tax exempt status, one must typically point to a specific provision of law conferring exempt status.
New York Tax Law regulation, 20 NYCRR §1-3.4 (b)(6), provides an exemption for: (6) corporations organized other than for profit corporation which do not have stock or shares or certificates for stock or for shares and which are operated on a nonprofit basis no part of the net earnings of which inures to the benefit of any officer, director, or member, including Not-for-Profit Corporations and Religious Corporations. This paragraph is further qualified by the following subparagraph: (i) A corporation organized other than for profit, as described in this paragraph, which is exempt from Federal income taxation pursuant to subsection (a) of section 501 of the Internal Revenue Code, will be presumed to be exempt from tax under article 9-A. If a corporation organized other than for profit is denied exemption from taxation under the Internal Revenue Code, such corporation will be presumed subject to tax under article 9-A.
New York Tax Law regulation, 20 NYCRR §1-3.4 (b)(6), provides an exemption for: (6) corporations organized other than for profit corporation which do not have stock or shares or certificates for stock or for shares and which are operated on a nonprofit basis no part of the net earnings of which inures to the benefit of any officer, director, or member, including Not-for-Profit Corporations and Religious Corporations. This paragraph is further qualified by the following subparagraph: (i) A corporation organized other than for profit, as described in this paragraph, which is exempt from Federal income taxation pursuant to subsection (a) of section 501 of the Internal Revenue Code, will be presumed to be exempt from tax under article 9-A. If a corporation organized other than for profit is denied exemption from taxation under the Internal Revenue Code, such corporation will be presumed subject to tax under article 9-A.
Subscribe to:
Posts (Atom)