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The Freetaxusa 2011
Freetaxusa 2011 Publication 557 - Introductory Material Table of Contents What's New Reminders Introduction What's New Proposed regulations on “good faith determinations”. Freetaxusa 2011 Proposed regulations modify standards for making a good faith determination that a foreign organization is a charitable organization, grants to which may be qualifying distributions and not taxable expenditures. Freetaxusa 2011 The proposed regulations identify a broader class of tax practitioners upon whose written advice a private foundation may base a “good faith determination. Freetaxusa 2011 ” See, Proposed Regulations: Reliance Standards for Making Good Faith Determinations, REG-134974-12, 2012-47 I. Freetaxusa 2011 R. Freetaxusa 2011 B. Freetaxusa 2011 553. Freetaxusa 2011 Prop. Freetaxusa 2011 Regs. Freetaxusa 2011 on Good Faith Determinations. Freetaxusa 2011 New Requirements for section 501(c)(3) Hospitals Under the Affordable Care Act. Freetaxusa 2011 The Affordable Care Act (ACA), enacted March 23, 2010, added new requirements that hospital organizations must satisfy in order to be described in section 501(c)(3), as well as new reporting requirements and excise taxes. Freetaxusa 2011 On June 22, 2012, the Service issued a notice of proposed rulemaking that addresses the new requirements enacted by the ACA applicable to section 501(c)(3) hospital organizations. Freetaxusa 2011 See, Proposed Regulations: Additional Requirements for Charitable Hospitals, REG-13026-11, 77 Fed. Freetaxusa 2011 Reg. Freetaxusa 2011 38148. Freetaxusa 2011 On April 3, 2013, the Service issued proposed regulations on the ACA's community health needs assessment (CHNA) requirements. Freetaxusa 2011 The proposed regulations also discuss the related reporting and excise tax requirements for charitable hospitals and the consequences for failure to satisfy the section 501(r) requirements. Freetaxusa 2011 See, Proposed Regulations: Community Health Needs Assessments for Charitable Hospitals, REG-106499-12, 78 Fed. Freetaxusa 2011 Reg. Freetaxusa 2011 20,523. Freetaxusa 2011 Timing of when an Organization is exempt for Federal Tax Purposes. Freetaxusa 2011 As noted in section 2. Freetaxusa 2011 03(4) of Revenue Procedure 2013-9, 2013-2 I. Freetaxusa 2011 R. Freetaxusa 2011 B. Freetaxusa 2011 267, the provisions in section 11. Freetaxusa 2011 01 regarding the effect of determination letters or rulings recognizing exempt status of organizations described in section 501(c), other than sections 501(c)(3), (9), (17), and (29), have been revised. Freetaxusa 2011 Prior to this year, and back to 1962, when such organizations applied for recognition, the IRS would usually recognize the organizations as tax exempt from the date of formation, no matter how long the interval between the date of formation and the date of application. Freetaxusa 2011 In addition to the practical difficulties of ascertaining an organization's purposes and activities for this period, such recognition is now potentially inconsistent with the provisions of section 6033(j), which automatically revokes the exempt status of an organization that fails to file required Form 990 series returns or notices for three consecutive years. Freetaxusa 2011 The new procedure adopts a practice similar to the rule for section 501(c)(3) organizations for these organizations, generally permitting recognition from the date of formation if the organization has: always met the requirements for exemption, has applied within 27 months from the end of the month in which it was organized, and has not failed to file required Form 990 series returns or notices for three consecutive years. Freetaxusa 2011 Section 11. Freetaxusa 2011 01(3) notes: an organization that otherwise meets the requirements for tax-exempt status and the issuance of a determination letter or ruling that does not meet the requirements for recognition from date of formation will generally be recognized from the postmark date of its application. Freetaxusa 2011 Exempt Organizations Select Check. Freetaxusa 2011 The IRS has developed an on-line search tool, Exempt Organizations Select Check, that allows users to select an exempt organization and check certain information about its federal tax status and filings. Freetaxusa 2011 It consolidates three former search sites into one, providing expanded search capability and a more efficient way to search for organizations that: Are eligible to receive tax-deductible charitable contributions (Publication 78 data). Freetaxusa 2011 Users may rely on this list in determining deductibility of contributions, just as they did when Publication 78 was a separate electronic publication rather than part of Select Check. Freetaxusa 2011 Have had their tax-exempt status automatically revoked under the law because they have not filed Form 990 series returns or notices annually as required for three consecutive years (Auto-Revocation List). Freetaxusa 2011 Have filed a Form 990-N (e-Postcard) annual electronic notice. Freetaxusa 2011 In addition to searching for a particular organization, users may download a complete list of each of the three types of organizations through Exempt Organizations Select Check. Freetaxusa 2011 See also Revenue Procedure 2011-33, 2011-25 I. Freetaxusa 2011 R. Freetaxusa 2011 B. Freetaxusa 2011 887. Freetaxusa 2011 Future developments. Freetaxusa 2011 . Freetaxusa 2011 The IRS has created a page on IRS. Freetaxusa 2011 gov for information about Publication 557, at www. Freetaxusa 2011 irs. Freetaxusa 2011 gov/pub557. Freetaxusa 2011 Information about any future developments affecting Publication 557 (such as legislation enacted after we release it) will be posted on that page. Freetaxusa 2011 Reminders The Patient Protection and Affordable Care Act (ACA). Freetaxusa 2011 The ACA added several new laws. Freetaxusa 2011 This includes a new excise tax on indoor tanning services, a small business health care tax credit, additional requirements for tax-exempt hospitals, and the section 501(c)(29) CO-OP program. Freetaxusa 2011 For more information, go to IRS. Freetaxusa 2011 gov and select Affordable Care Act Tax Provisions. Freetaxusa 2011 Electronic filing requirement for large organizations. Freetaxusa 2011 For tax years ending on or after December 31, 2006, only organizations that file 250 returns during the calendar year and that have total assets of $10 million or more are required to file Form 990 electronically. Freetaxusa 2011 For more information, go to e-file for Charities and Non-Profits. Freetaxusa 2011 Section 501(c)(15) gross receipts. Freetaxusa 2011 The definition of gross receipts for purposes of determining whether small insurance companies qualify as tax-exempt under section 501(c)(15) has changed. Freetaxusa 2011 See Notice 2006-42, 2006-19 I. Freetaxusa 2011 R. Freetaxusa 2011 B. Freetaxusa 2011 878, Notice 2006-42. Freetaxusa 2011 Prohibited tax shelter transactions. Freetaxusa 2011 New excise taxes are imposed under section 4965 on certain tax-exempt organizations entering into prohibited tax shelter transactions. Freetaxusa 2011 See T. Freetaxusa 2011 D. Freetaxusa 2011 9492, Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirements, 2010-33 I. Freetaxusa 2011 R. Freetaxusa 2011 B. Freetaxusa 2011 242. Freetaxusa 2011 See IRS Issues Final Regulations Regarding Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirement. Freetaxusa 2011 Pension Protection Act of 2006 tax changes. Freetaxusa 2011 The Pension Protection Act of 2006 made numerous changes to the tax law provisions affecting tax-exempt organizations. Freetaxusa 2011 Unless otherwise noted, most of the changes became effective on August 17, 2006. Freetaxusa 2011 For key provisions, go to The Pension Protection Act of 2006. Freetaxusa 2011 Section 501(c)(3) organizations must make their Form 990-T, Exempt Organization Business Tax Return (and proxy tax under section 6033(e)), open for public inspection for a period of 3 years from the date the Form 990-T is required to be filed (determined with regard to any extension of time for filing) or is actually filed, whichever is later. Freetaxusa 2011 There is an increase in excise taxes relating to public charities, social welfare organizations, and private foundations. Freetaxusa 2011 There are additional standards for credit counseling organizations. Freetaxusa 2011 The definition of convention or association of churches has been modified. Freetaxusa 2011 Entities that are not required to file Form 990 or 990-EZ must file new Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ. Freetaxusa 2011 The requirements of disclosure to state officials relating to exempt organizations has been modified. Freetaxusa 2011 There are excise taxes imposed on excess benefit transactions involving donor advised funds and sponsoring organizations. Freetaxusa 2011 There are new excise taxes on prohibited tax shelter transactions. Freetaxusa 2011 There is a modification of recordkeeping requirements for certain charitable contributions. Freetaxusa 2011 Introduction This publication discusses the rules and procedures for organizations that seek recognition of exemption from federal income tax under section 501(a) of the Internal Revenue Code (the Code). Freetaxusa 2011 It explains the procedures you must follow to obtain an appropriate ruling or determination letter recognizing your organization's exemption, as well as certain other information that applies generally to all exempt organizations. Freetaxusa 2011 To qualify for exemption under the Code, your organization must be organized for one or more of the purposes specifically designated in the Code. Freetaxusa 2011 Organizations that are exempt under section 501(a) include those organizations described in section 501(c). Freetaxusa 2011 Section 501(c) organizations are covered in this publication. Freetaxusa 2011 Chapter 1, Application, Approval, and Appeal Procedures, provides general information about the procedures for obtaining recognition of tax-exempt status. Freetaxusa 2011 Chapter 2, Filing Requirements and Required Disclosures, contains information about annual filing requirements and other matters that may affect your organization's tax-exempt status. Freetaxusa 2011 Chapter 3, Section 501(c)(3) Organizations, contains detailed information on various matters affecting section 501(c)(3) organizations, including a section on the determination of private foundation status. Freetaxusa 2011 Chapter 4, Other Section 501(c) Organizations, includes separate sections for specific types of organizations described in section 501(c). Freetaxusa 2011 Chapter 5, Excise Taxes, provides information on when excise taxes may be imposed. Freetaxusa 2011 Organizations not discussed in this publication. Freetaxusa 2011 Certain organizations that may qualify for exemption are not discussed in this publication, although they are included in the Organization Reference Chart. Freetaxusa 2011 These organizations (and the Code sections that apply to them) are as follows. Freetaxusa 2011 Corporations organized under Acts of Congress 501(c)(1) Teachers' retirement fund associations 501(c)(11) Mutual insurance companies 501(c)(15) Corporations organized to finance crop operations 501(c)(16) Employee funded pension trusts (created before June 25, 1959) 501(c)(18) Withdrawal liability payment fund 501(c)(22) Veterans' organizations (created before 1880) 501(c)(23) National Railroad Retirement Investment Trust 501(c)(28) Religious and apostolic associations 501(d) Cooperative hospital service organizations 501(e) Cooperative service organizations of operating educational organizations 501(f) Section 501(c)(24) organizations (section 4049 ERISA trusts) are neither discussed in the text nor listed in the Organization Reference Chart. Freetaxusa 2011 Similarly, farmers' cooperative associations that qualify for exemption under section 521, qualified state tuition programs described in section 529, and pension, profit-sharing, and stock bonus plans described in section 401(a) are not discussed in this publication. Freetaxusa 2011 If you think your organization falls within one of these categories, contact the IRS for any additional information you need. Freetaxusa 2011 For telephone assistance, call 1-877-829-5500. Freetaxusa 2011 Check the Table of Contents at the beginning of this publication to determine whether your organization is described in this publication. Freetaxusa 2011 If it is, read the chapter (or section) that applies to your type of organization for the specific information you must give when applying for recognition of exemption. Freetaxusa 2011 Organization Reference Chart. Freetaxusa 2011 The Organization Reference Chart enables you to locate at a glance the section of the Code under which your organization might qualify for exemption. Freetaxusa 2011 It also shows the required application form and, if your organization meets the exemption requirements, the annual return to be filed (if any), and whether or not a contribution to your organization will be deductible by a donor. Freetaxusa 2011 It also describes each type of qualifying organization and the general nature of its activities. Freetaxusa 2011 You may use the Organization Reference Chart to determine the Code section that you think applies to your organization. Freetaxusa 2011 Any correspondence with the IRS (in requesting forms or otherwise) will be expedited if you indicate in your correspondence the appropriate Code section. Freetaxusa 2011 Check the IRS website, IRS. Freetaxusa 2011 gov, for the latest updates, Tax Information for Charities & Other Non-Profits, www. Freetaxusa 2011 irs. Freetaxusa 2011 gov/charities/index. Freetaxusa 2011 html. Freetaxusa 2011 Comments and suggestions. Freetaxusa 2011 We welcome your comments about this publication and your suggestions for future editions. Freetaxusa 2011 You can e-mail us while visiting our website at IRS. Freetaxusa 2011 gov. Freetaxusa 2011 You can send your comments to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Freetaxusa 2011 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Freetaxusa 2011 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Freetaxusa 2011 If you wish telephone assistance, please call 1-877-829-5500. Freetaxusa 2011 This toll-free telephone service is available Monday through Friday. Freetaxusa 2011 Prev Up Next Home More Online Publications