From the Desk of Lauran L. Stevenson
Tax Exempt Organizations: Due Dates Changed
The 2016 Tax Filing Year has been one of significant change when it comes to filings and due dates. For Not for Profit or Tax Exempt Organizations, the extended due date of August 15th has moved to November 15th. For those whose tax exempt organizations file a fiscal year return, the due dates have not changed.
What is a Tax Exempt Organization?
According to the IRS, an organization will qualify for tax-exempt status when the organization shows that “its purpose serves the public good, as opposed to a private interest. The activities of public charities are limited in that they must further one or more of the purposes for which they were granted tax-exempt status.” Tax exempt organizations must meet the requirements of IRS Code. If not, individuals and corporation will not be able to deduct contributions to such organizations under Code section 170.