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Is a nonprofit corporation exempt from taxes?

April 26, 2017corporation exempt nonprofit taxes

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Is a nonprofit corporation exempt from taxes?

4 Answers

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A Texas nonprofit corporation is not automatically exempt from federal or state taxes. To become exempt, it must meet certain requirements and apply with both the IRS and the Texas Comptroller of Public Accounts.

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Exemption from federal and state taxation is not automatic and eligible corporations must apply with the Internal Revenue Service (“IRS”) and state agencies to obtain an exemption. Not all nonprofit corporations are entitled to exemption from state and federal taxes.

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Nonprofit does not mean tax-exempt. A “tax-exempt organization” is a unique entity that is usually a nonprofit organization. However, a nonprofit organization cannot be exempt from Federal and State income or franchise tax until the organization applies for an exemption and the IRS and the state franchise board issues a determination of exemption.

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Exemption from federal and state taxation is not automatic and eligible corporations must apply with the Internal Revenue Service (“IRS”) and the State Comptroller to obtain an exemption. Not all nonprofit corporations are entitled to exemption from state and federal taxes. The secretary of state, however, does not make the determination of exemption.