Exempt Organizations
The terms exempt organization or non-profit may lead some to believe these entities avoid the world of taxation completely. However, this couldn’t be further from the truth. Perhaps surprisingly, non-profits and other exempt organizations often have more tax filing obligations than some for-profit businesses. For instance, failure of for-profit organizations to file business or individual income tax returns comes with monetary penalties, but the failure of exempt organizations to file the required tax returns may not only mean monetary penalties but the potential loss of its tax-exempt status, which could result in dire consequences.
From non-deductibility of contributions from donors, to massive tax obligations for the organization, the loss of tax exempt status is massive. The exempt organization filing is not only a monetary report but also a report on the operations of the organization. Improper completion can also have negative consequences when viewed by potential donors.
The RPB Difference
Reilly, Penner, & Benton is pleased to have the privilege to work with numerous exempt organizations. Our tax department has extensive training in the completion of the Federal and State exempt forms along with the taxable returns that sometimes are required to be filed by these organizations. From donor organizations to schools, churches and union funds to private foundations; we can help your tax exempt organization jump through all the required hoops and retain its exempt status.
