A nonprofit corporation is one that is organized for charitable or benevolent purposes. These corporations include certain hospitals, universities, churches, and other religious organizations. A nonprofit entity does not have to be a nonprofit corporation, however. Nonprofit corporations do not have shareholders, but have members or a perpetual board of directors or board of trustees.
The proper form and necessary content of articles or certificates of incorporation for a nonprofit corporation depend largely on the requirements of the state nonprofit corporation act in the state of incorporation. Typically nonprofit corporations have no capital stock and therefore have members, not stockholders. Because federal tax-exempt status will be sought for most nonprofit corporations, the articles or certificate of incorporation must be carefully drafted to include specific language designed to ensure qualification for tax-exempt status.
Connecticut Articles of Incorporation, Not for Profit Organization, with Tax Provisions
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How to fill out Articles Of Incorporation, Not For Profit Organization, With Tax Provisions?
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Connecticut law provides for an exemption from Connecticut sales and use taxes for qualifying nonprofit organizations.
Connecticut has a graduated individual income tax, with rates ranging from 3.00 percent to 6.99 percent. Connecticut also has a 7.50 percent corporate income tax rate. Connecticut has a 6.35 percent state sales tax rate and levies no local sales taxes.
The federal government doesn't require nonprofits to pay taxes, so the money they save can be used for charitable purposes. Nonprofits that qualify for 501(c)(3) don't have to pay federal or state income taxes. Most nonprofits fall into the 501(c)(3) category, and this is the category that offers the most tax benefits.
NPOs do not have to pay taxes, but they may have to submit Form T1044, Non-Profit Organization Information Return. If your NPO has received or is eligible to receive taxable dividends, interest, rent or royalties worth more than $10,000, you have to file an information return.
To be exempt from withholding, both of the following must be true: You owed no federal income tax in the prior tax year, and. You expect to owe no federal income tax in the current tax year.
exempt organization must file an annual information return or notice with the IRS, unless an exception applies. Annual information returns for most types of organizations include Form 990, Form 990EZ or Form 990PF. Small organizations may be eligible to file Form 990N (ePostcard), an annual notice.
Non-profit status may make an organization eligible for certain benefits, such as state sales, property, and income tax exemptions; however, this corporate status does not automatically grant exemption from federal income tax.
Organizations that meet the requirements of Internal Revenue Code section 501(a) are exempt from federal income taxation. In addition, charitable contributions made to some section 501(a) organizations by individuals and corporations are deductible under Code section 170.