Banking Law Organizations 

Keeping Nonprofit Organizations in Compliance

By Elayne Robertson Demby, Attorney and freelance journalist Having your nonprofit qualify as a tax-exempt charitable organization under section 501(c)(3) confers many tax benefits. Organizations that qualify for 501(c)(3) status can both exclude donations to the organization from income, and allow donors to take corresponding tax deductions on their returns. However, to maintain 501(c)(3) status and those tax benefits, you must: 1. Prepare and file annual returns. 2. ... Read more