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. Nonprofit Organization

    A business entity that is granted tax-exempt status by the Internal ...
  5. 501(c)

    A subsection under the United States Internal Revenue Code. The ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
RELATED FAQS
  1. No results found.
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. Economics

    Are Greece’s Worries Almost Over?

    Last week ended with the news that Greece and the European Union (EU) finance ministers struck a deal to temporarily extend the Greek bailout program.
  9. Economics

    Why Is Ukraine At War? A Russian Rivalry With West

    Huge power games which are being played behind the Ukrainian conflict are rooted in a previous revolution, a past Cold War, and an old Russia-West rivalry.
  10. Economics

    Does A Junk Rating Reflect Russia's Fundamentals?

    Moody’s, like other credit rating agencies, has downgraded Russia’s sovereign debt rating to non-investment grade, but does this reflect Russia's economy?

You May Also Like

Hot Definitions
  1. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  2. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  3. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  4. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  5. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
  6. Law Of Supply

    A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity ...
Trading Center