Receive Tax-Exempt Status from the I.R.S.?
File for State Sales Tax Exemption. Make I.R.S. suggested corrections. File for State Franchise Tax Exemption. Re-File Important Facts about Tax-Exempt Status Your Neighborhood Association may obtain tax exempt status if: It is incorporated by the State as a nonprofit corporation and organized solely for charitable purposes. This includes organizations dedicated to: Correct community deterioration Combat juvenile delinquency Lessen neighborhood tensions In order to keep your Association tax-exempt status, you must insure that: All assets are permanently dedicated to an exempt purpose. This means that, even upon assets of the corporation may to exempt purposes or groups. Dissolution of the group and all assets must be used or donated, no part of the net earnings or Be used for the benefit of, or be distributed to, the members or officers. No portion of the corporations assets or funds may be used to influence legislation, promote propaganda, or benefit specific political candidates.
