League City Texas Form 8718 2021-2024

League City Texas Form 8718: What You Should Know

Form 7701. Tax-Exempt Organization. Form 7701. (U) In addition to any other tax exemption available to any organization, any Tax-Exempt Organization is entitled to the following tax-exempt rights and privileges: (1) Deduction for Contributions, Grants, or Leases, and (2) Deduction for Donations. In addition, the Board may determine that an organization is properly constituted in order to qualify for the tax-exempt status of Tax-Exempt Organization and establish reasonable membership requirements, without regard to whether the organization has a prior existence in that status or has received prior determinations of tax-exempt status. A new Board shall have no authority to designate, establish, or otherwise prescribe membership requirements or terms of membership or to deny or impose any requirements. This form shall be used to request Tax-Exempt status for an existing organization which desires additional tax benefits, and this form shall be used to request additional tax benefits not otherwise provided by the Internal Revenue Code for prior organizations. I recently applied for Tax-Exempt status for my own (non-profit) organization. I wanted to pay any taxes due immediately, which I was being told would be 100,000+ plus 2.5K per month to the IRS, but instead received a letter stating that my organization would likely never be granted tax-exemption status. So, I just mailed them the forms. What should I do? If you receive a request from the IRS and have received any response within the past two years, send them: Form 7701. Tax-Exempt Organization. Form 7701. (U) In addition to any other tax exemption available to any organization, any Tax-Exempt Organization is entitled to the following tax-exempt rights and privileges: (1) Deduction for Contributions, Grants, or Leases, and (2) Deduction for Donations. In addition, the Board may determine that an organization is properly constituted in order to qualify for the tax-exempt status of Tax-Exempt Organization and establish reasonable membership requirements, without regard to whether the organization has a prior existence in that status or has received prior determinations of tax-exempt status. A new Board shall have no authority to designate, establish, or otherwise prescribe membership requirements or terms of membership or to deny or impose any requirements.

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