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Ohio online Form 990-PF: What You Should Know
See our new resources page to find new resources. Fundraising Guide & Annual Reports: A Guide to the IRS Nonprofit Statute. Written by an Attorney. This includes a great list of topics and helpful advice on writing accurate annual reports. A Guide To Nonprofit Tax Exempt Organizations in the United States. Written by an Attorney. This is a great source of detailed information (that can be used as a reference book) on federal non-profit income tax laws and rules. The Nonprofit Report: IRS Section 501(c)(3) by Lois A. Schuyler provides a wealth of information on all types of tax-exempt organizations in a clear, concise, and professional manner. The book also provides an overview of the IRS non-profit definition and a discussion of problems that arise in developing an effective nonprofit. Federal Tax-Exempt Status for Nonprofits Volunteer Income Tax Credit Program (STEP / ITC) for Nonprofits The Volunteer Income Tax Credit Program grants a credit of 25% for eligible volunteer work and is available through a provision of the tax code. The tax credit is not available for wages paid by an employer or wages paid to an individual. Individuals who work unpaid as volunteers to benefit a nonprofit may be eligible for the ITC to the extent the volunteer works 30 full weeks, 30 half weeks, or 60 part-time hours of uncompensated volunteer service. A nonprofit must have an operating record to qualify for the ITC. Volunteer Service Employer Exemption Many tax shelters protect the amount of reimbursed or volunteer work done for a tax-exempt organization to the extent that a participant in the tax-exempt activity may be treated as an exempt individual. The volunteer exemption allows a person to work unpaid in a tax-exempt activity if the person does not have any income and, if he or she is employed by a tax-exempt organization, does not receive any compensation for the volunteer service. A volunteer is any volunteer in or under the control of a tax-exempt organization. If the volunteer is not an exempt individual, the charitable purpose or exemption of the volunteer activity and the employer's charitable contribution requirements determine whether the volunteer is eligible to receive the benefit of the Volunteer Service Employer Exemption.
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