Decades ago, state and federal legislatures began offering tax exemptions, including exemptions from property tax, for nonprofit institutions that provide charitable services to communities. Nonprofit hospitals that qualify for federal tax exemption under Internal Revenue Code §501(c)(3) are not guaranteed state charitable tax exemptions. A hospital must provide some amount of charity in order to be granted a state tax exemption, however historical statues have failed to quantify what amount of
is the primary purpose of an organization? The primary purpose of any organization is to maximize revenue and minimize expenses. Profit is the single most important aspect on the mind of shareholders and/or owners. However, that is not the primary purpose of all organizations. A not for profit organization has a mission that seeks to benefit the greater good of the community, society or the world. Nonprofit Organizations can make a profit however, the financial benefits are not for the owners/shareholders
Report to Congress Provides Little Insight on Government-Owned and Private Tax-Exempt and Taxable Hospitals. The Internal Revenue Service (IRS) recently released its report to Congress on government-owned and private tax-exempt and taxable hospitals as mandated by Section 9007(e)(1) of the Affordable Care Act (ACA). The ACA requires the IRS to annually submit to Congress a report providing data with respect to private tax-exempt, taxable, and government-owned hospitals regarding (1) the levels of
A not for profit organization is a corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive (Legal, 2013).” There are immense community benefits as a not-for-profit generally accepts everyone regardless of ability to pay. Nonprofit organizations are granted tax-exempt status which helps them to provide services to the public and are expected to be effective managers of their finances as well as being efficient (Financial
the filing of an estate tax return is necessary for amounts over certain thresholds. These federal thresholds have exempted many Americans from having to worry about filing for estate tax. Yet, there are state estate taxes that can be particularly burdensome as Forbes magazine article puts it in its article “Where Not To Die In 2013”. The context of this research document is accounting by nature, and it will delve into a discussion concerning both federal and state estate tax laws in the United States
Running head: Financial Management in Nonprofit Organizations Financial Management in Nonprofit Organizations Executive Summary Successful management of a not-for-profit organization requires providing high-quality service, but at the same time, careful administration - to reduce expenses and automate processes are ongoing requirements. Each type of not-for-profit organization has unique management needs. For example: • Social service and government agencies require meticulous
ethics and the United States moral obligations necessitate expanding coverage to all population residing within the borders of the country. Conversely, opponents deny their health coverage because their illegal status disqualify them from all public benefits. This paper goes beyond these opposing assumptions and instead, proposes a strategic plan to raise and combine resources necessary to establish a health care center for the uninsured, underinsured, and illegal immigrants in Northern California. The
paper discusses the historical background of the Red Cross along with the current status of the organization. Nevertheless, the study intends to focus on the section 501 (c) (3). The section specifically enlightens the prospects through which the tax exemption may be applied. International Committee of Red Cross (commonly known as Red Cross) was established in 1863 as a non-profit social organization. Red Cross works under the head of The International Red Cross and Red Crescent Movement, which is
cases (Cutler, 2000). More paperwork: On regular basis documents like meeting minutes, Article of incorporation, good standing certificates, and abiding laws would need to be filed (Cutler, 2000). More taxes: A separate tax form needs to be filed and no personal credits on tax can be claimed. Moreover, business losses cannot be of any help in saving personal taxes, they will be entirely for business (Cutler, 2000). The feasibility of a profit or non-profit organizational status for this facility
Capital Gains Tax in Nigeria Introduction Discussing capital gain tax without first presenting a general overview of the entire concept of taxation will be tantamount to putting a cart before a horse. It is therefore very important that justice be done by explaining taxation and various types of taxes. Taxation: A General overview Tax and taxation has been variously defined by different authors. Oyegbile (1996) defines tax as a sum of money paid by citizens of a country, state or community to the government