Business is Churning 01:20
Sandra Pfau Englund discusses the rapid turnover of tax-exempt organizations in the US. Each year, over 80,000 new groups are being created, while at the same time, another 50,000 are being revoked for noncompliance.
NOW YOU KNOW
Why Do You Need 501(c)?00:27
Section 501(c) of the US Internal Revenue Code allows for federal tax exemption of nonprofit organizations. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well. 501(c) organizations can receive contributions from individuals, corporations, and unions.