Not-for-profit organizations must meet specific guidelines in order to obtain tax-exempt status. These guidelines are structured by the
A) board of directors.
B) U.S. Uniform Partnership Act.
C) U.S. Bureau of the Census.
D) Chamber of Commerce.
E) Internal Revenue Service.

Question

Quizplus · Accepted Answer

The Internal Revenue Service (IRS) is responsible for establishing and enforcing the guidelines that not-for-profit organizations must meet in order to obtain tax-exempt status. These guidelines are outlined in the Internal Revenue Code and include specific requirements related to the organization's purpose, operations, and governance. Failure to comply with these guidelines may result in the revocation of tax-exempt status. Therefore, the correct answer is E.

Not-For-Profit Organizations Must Meet Specific Guidelines in Order to Obtain