Exempt Status Applications

Submitting exempt status applications is a significant undertaking and getting approval can be a challenge. Regulations can be complex and missteps can result in costly delays.

Who can submit exempt status applications?

Exempt status is reserved for businesses engaging in certain activities deemed to benefit the community. Examples of organizations that may be granted exempt status include religious organizations, scientific organizations, groups that promote public safety, groups that promote literacy and education, groups that advocate against cruelty to children and animals and universities with certain programs.

How can we help with exempt status applications?

We can get your organization registered with the IRS and prepare the application for exemption. We can help the board understand its obligations and responsibilities and provide guidance on corporate governance issues related to the exemption. We can help develop internal controls and policies that are required to comply the the IRS’s stringent requirements related to operating a tax exempt organization. Keep in mind that tax exemption is a privilege, not a right. You have to operate within the guidelines imposed by the Internal Revenue Code in order to avoid income tax obligations.

Our expert advice can minimize delays in getting your application approved.

Call us today to find out more about exempt status applications.

Submitting exempt status applications is a significant undertaking and getting approval can be a challenge. Podraza CPA's expert advice can minimize delays in getting your application approved.