Do you know the difference between nonprofit and tax exempt status?
The difference can be confusing, so HomeschoolCPA, Carol Topp, explains the difference in plain English and gives a real life example in this podcast episode.
Featured resource
The IRS and Your Homeschool Organization book.
The information in this book has been helpful to homeschool support groups, co-ops, music and sports groups to understand:
- The benefits of 501c3 status
- The disadvantages too!
- What it takes to make the IRS happy
- Why your organization should consider becoming a nonprofit corporation
- What is the difference between nonprofit incorporation and tax exemption
- IRS requirements after you are tax exempt
Carol Topp, CPA
