How do I check tax exempt status?
How do I check tax exempt status?
For information on other organizations that have been recognized by the IRS as tax-exempt organizations, you may call IRS Customer Service at 877-829-5500.
What does 501c7 mean?
Social clubs are exempt from federal income tax under IRC 501(a) as organizations described in IRC 501(c)(7) if they are “organized for pleasure, recreation, and other nonprofitable purposes.” They were originally granted exemption from federal income tax in the Revenue Act of 1916.
What is the difference between a 501c3 and 501c7?
501(c)(3) organizations must spend their income on activities that further their exempt purpose, which is a charitable cause. 501(c)(7) social clubs’ exempt purpose does not have to be charitable, but it must be social or recreational and non-profitable. 501(c)(7) are limited to membership.
What is IRC 501(c)(7)?
IRC 501(c)(7) (prior to its amendment in 1976 by P. L. 94-568, 1976-2 C.B. 596) provided for exemption from federal income tax of social clubs organized and operated exclusively for pleasure, recreation, and other nonprofitable purposes, no part of the net earnings of which inures to the benefit of any private shareholder.
What is a 501c7 tax exempt club?
Exempt purposes – Code section 501 (c) (7) A social club must be organized for pleasure, recreation, and other similar purposes. A club will not be recognized as tax exempt if its charter, by laws, or other governing instrument, or any written policy statement provides for discrimination against any person based on race, color, or religion.
What are the filing requirements for a 501(c)(7) social club?
Section 501 (c) (7) social clubs must still file an annual IRS Form 990 informational return. These returns come in three versions, and must be filed by the 15 th day of the fifth month after the end of the organization’s accounting period.
Are your organization’s purposes consistent with 501(c)(7) exemption?
Whether an organization’s purposes are consistent with exemption under section 501 (c) (7) is generally determined based on its organizing documents.
