Non-profit organizations exist for public benefit and are not designed to make a profit. They can be charitable, educational, political, or religious. Non-profits enjoy several federal and state tax benefits because they do not have shareholders or owners who would receive profits from their operations.
501(c)(3) status is a federal designation reserved for non-profit organizations. Organizations who have 501(c)(3) status will have tax-exempt status and won’t be required to pay federal income tax on contributions received from the public.
A 501(c)(3) status also makes it easier to conduct fundraising, as donors may donate without the added complication of the recipient organization paying taxes on those contributions. This means more funds can provide services to those in need rather than being absorbed by taxes.
To apply for 501(c)(3), the organization must first establish whether they qualify as a non-profit organization. Second, they must file for and receive an IRS determination letter confirming their non-profit status.
How a 501(c)(3) Attorney Can Help
A 501(c)(3) lawyer is often consulted by for-profit companies when they are looking to establish a new non-profit, tax-exempt 501(c)(3) organization or when an existing 501(c)(3) organization needs help with the legalities of their activities.
A 501(c)(3) attorney can assist in preparing an application for IRS approval which includes providing the necessary documentation and completing the application process.
The organization must fulfill specific conditions to be classified as exempt. It is critical that the company satisfies these standards and complete the application correctly and on time. Hiring a 501(c)(3) lawyer in Atlanta will give you the legal assistance you need to have approval granted
If you’re starting a non-profit, an Atlanta 501(c)(3) attorney from Hasson Law Group LLP can guide you on the best framework for your organization. With legal assistance, you can learn what is necessary to qualify for non-profit tax status. Your attorney can advise you on the required documentation, create or review all these documents, and assist you throughout the filing procedure.
Services a 501(c)(3) Attorney Continues to Provide
If a 501(c)(3) lawyer from Hasson Law Group LLP assists you in managing your business or with tax preparation, you can feel confident that you are complying with all applicable requirements and are not at risk of facing fines. A 501(c)(3) attorney can also help you determine any necessary next actions to ensure your organization’s efficient operation.
Knowledgeable 501(c)(3) attorneys continue to work on behalf of their clients in other areas such as:
- Creating tax-exempt paperwork
- Providing advice on how to construct a board of directors
- Helping with forms and paperwork needed to keep your non-profit status
- Filing annual IRS returns
- Providing advice on how to make charitable requests
- Advising on non-profit compliance and record-keeping
Non-profit organizations have certain regulations and documentation that may be unfamiliar to corporate attorneys. An Atlanta 501(c)(3) attorney from Hasson Law Group LLP can assist you in establishing the groundwork for your organization’s success.
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