Get Irs Publication 557 2022-2026

IRS Publication 557 is an IRS document that explains the rules an organization must follow to obtain and maintain tax-exempt status. Securing tax-exempt status carries huge benefits to non-profit organizations, as they won't have to pay any income taxes on business activities and can seek out donations.

Publication 557 discusses the rules and procedures for organizations that seek recognition of exemption from federal income tax under section 501(a) of the Internal Revenue Code.

These terms are often used interchangeably, but they all mean different things. Nonprofit means the entity, usually a corporation, is organized for a nonprofit purpose. 501(c)(3) means a nonprofit organization that has been recognized by the IRS as being tax-exempt by virtue of its charitable programs.