Business owners and industry experts provide advice and share tips on starting as well as running a business.
Nonprofit 101: Qualifying for 501(c)(3) Tax Status
Jun 7, 2018, 15:31 PM
Beena Soiefer, nonprofit services and finance manager at Vcorp, joins us to discuss why filing for nonprofit status could be very beneficial for your business and how to apply for that designation. Soiefer also walks us through the tax implications of such a change and what the compliance requirements look like. Join us for a concise tutorial on the nonprofit world.
A 501c3 tax status allows qualifying nonprofit organizations to be exempt from paying federal income tax on its profits. Beena Soiefer, nonprofit services and finance manager at Vcorp Services, discusses the basics behind a 501c3 status, including the benefits (in addition to tax exemption), the types of organizations that can qualify, and a few key steps in the application process.