Tax exempt organizations

Question 1

501(c)3 organizations

Answer 1

Religious organizations (churches)
Public charities (American red cross)
Educational organizations (Colleges, museums)
Scientific/literary organizations (National Endowment for the Arts)
Amateur athletic organizations (Little league baseball)
Testing for public safety (Insurance Institute for Highway Safety - IIHS)
Private foundations (Bill and Melinda Gates Foundation)

Question 2

What is an example of an eligible entity type for a tax exempt organization that qualifies for 501c3 status?

Answer 2

Corporation
Private Foundation
Social Club

Question 3

What is an example of a entity that doesn’t qualify for 501c3 status?

Answer 3

Partnership because they are pass-through entities

Question 4

To qualify as a tax exempt organization, what must the applicant do?

Answer 4

File a written application with the IRS

Question 5

Which of the following exempt organizations would be eligible to satisfy its annual filing requirement by filing Form 990-N (e-Postcard)?

Answer 5

Small exempt organization whose gross receipts are $50,000 or less

Question 6

What return does a private foundation need to file?

Answer 6

Form 990-PF, Return of Private Foundation

Question 7

if an exempt organization has gross income of $1,000 or more from an unrelated business, it must file what form?

Answer 7

Form 990-T, Exempt Organization Business Income Tax Return