Tax-Exempt Organization
/ˌtæks ɪɡˈzɛmpt ˌɔːrɡənɪˈzeɪʃən/
Definitions
- (n.) An organization exempt from federal income tax under specific IRS code sections, typically due to its charitable, religious, educational, or nonprofit nature.
The tax-exempt organization filed its annual informational return with the IRS.
- (n.) A legal entity that operates without the goal of generating profit, qualifying for various tax exemptions as regulated by law.
Donations to a tax-exempt organization are often tax-deductible for the donor.
Forms
- tax-exempt organization
- tax-exempt organizations
Related terms
See also
Commentary
The term denotes organizations meeting statutory criteria for tax benefits; precise classification affects eligibility and compliance requirements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.