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. Cut Your Tax Bill With Donor-Advised ...
    Taxes

    Cut Your Tax Bill With Donor-Advised ...

  2. Deducting Your Donations
    Taxes

    Deducting Your Donations

  3. Gifting Your Retirement Assets To Charity
    Retirement

    Gifting Your Retirement Assets To Charity

  4. 7 Signs Of A Charitable Disaster Scam
    Personal Finance

    7 Signs Of A Charitable Disaster Scam

Hot Definitions
  1. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  2. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  3. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  4. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  5. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  6. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
Trading Center