FAQ: Is a nonprofit corporation exempt from taxes?
By WORLDLawDirect  [June 22nd, 2009]

Nonprofit does not mean tax-exempt. A “tax-exempt organization” is a unique entity that is usually a nonprofit organization. However, a nonprofit organization cannot be exempt from Federal and State income or franchise tax until the organization applies for an exemption and the IRS and the state franchise board issues a determination of exemption.




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