IRS Publication 557: Tax-Exempt Status for Your Organization

AAA

DEFINITION of 'IRS Publication 557: Tax-Exempt Status for Your Organization'

A document published by the Internal Revenue Service (IRS) that details the rules and regulations that have to be followed by an organization in order to obtain tax-exempt status. IRS Publication 557 provides guidance as to required forms and documents, the appeals process if tax-exempt status is not approved and causes of a revocation of exempt status. Organizations granted status have certain filing requirements and disclosures that have to be provided to persons who donate funds.


The publication also provides information about organizations falling under section 501(c)(3).

INVESTOPEDIA EXPLAINS 'IRS Publication 557: Tax-Exempt Status for Your Organization'

IRS Publication 557 doesn't cover all organizations that may seek tax-exempt status. Some organizations, such as employee-funded pensions, teachers' retirement funds and mutual insurance companies are covered in other documents published by the IRS.


The publication provides a reference chart that details what section of the Internal Revenue Code an organization might fall under when qualifying for tax-exempt status, and the forms that must be filled out in order to apply.

RELATED TERMS
  1. IRS Publication 560: Retirement ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. Not For Profit

    A not for profit organization is a type of organization that ...
  3. Internal Revenue Code - IRC

    The comprehensive set of tax laws created by the Internat Revenue ...
  4. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  5. Nonprofit Organization

    A business entity that is granted tax-exempt status by the Internal ...
  6. 501(c)

    A subsection under the United States Internal Revenue Code. The ...
Related Articles
  1. Taxes

    Cut Your Tax Bill With Donor-Advised Funds

    Beat the tax man come April 15 by investing in a charity-friendly fund.
  2. Taxes

    Deducting Your Donations

    Generosity may be its own reward, but some charitable giving also provides personal tax benefits.
  3. Retirement

    Gifting Your Retirement Assets To Charity

    There are several things to consider when it comes to this type of charitable giving. Make sure you're well informed.
  4. Personal Finance

    7 Signs Of A Charitable Disaster Scam

    Make sure you know where your donations are going, and where they can be most effective.
  5. Taxes

    Give To Charity; Slash Your Tax Payment

    Being generous has never been more (financially) rewarding!
  6. Taxes

    10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  7. Budgeting

    It Is Better To Give AND Receive

    You give to benefit others, but there can be perks for you too.
  8. Investigate these expat havens if you seek a developed country with low barriers for getting a permanent resident visa – sometimes even citizenship.
    Personal Finance

    5 Developed Countries That Welcome Expats

    Investigate these expat havens if you seek a developed country with low barriers for getting a permanent resident visa – sometimes even citizenship.
  9. Free enterprise is the economic term used to describe an economy with very little government ownership.
    Economics

    What's Free Enterprise?

    Free enterprise is the economic term used to describe an economy with very little government ownership or regulation. In a free enterprise system, competition and the preferences and choices ...
  10. Some countries put up very high barriers for foreigners to get citizenship
    Personal Finance

    5 Countries Where It's Hardest To Become A Citizen

    The United States is one of five countries that put up very high barriers for foreigners to get citizenship. Here's how it compares to the other four.

You May Also Like

Hot Definitions
  1. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  2. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  3. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  4. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  5. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  6. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
Trading Center