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What are the benefits of a 501c3 Status?

Organizations that qualify as public charities under Internal Revenue Code 501(c)(3) are eligible for federal exemption from payment of corporate income tax. Once exempt from this tax, the nonprofit will usually be exempt from similar state and local taxes. If an organization has obtained 501(c)(3) tax exempt status, an individual's or company's charitable contributions to this entity are tax-deductible.

  • Exemption from Federal and/or State Corporate Income Taxes
  • Grants and corporate funding
  • Exemption on State Sales and Property Taxes (Varies by State)
  • Low postage rates
  • Tax-exempt from Employer taxes

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Your Non-Profit Organization may need to report it’s annual income with Form 990 to maintain your tax exempt status. Most tax-exempt organizations are required to file an annual tax return with the IRS Form 990. Even though most tax-exempt organizations do not pay federal taxes.

The IRS provides information to help you determine which form to file.

  • Larger nonprofits with gross receipts of more than $50,000 file Form 990 or 990-EZ
  • Smaller nonprofits with gross receipts of less than $50,000 file Form 990-N (e-Postcard)
  • Private foundations file Form 990-PF

When is the IRS Form 990 due?

Your organization’s Form 990 is due on the 15th day of the 5th month after the end of the organization’s taxable year. This means that if your organization follows the calendar year (January 1 – December 31), your Form 990 would be due on May 15th of each year.


Nonprofit organizations are required to have a proper accounting in place. Nonprofit accounting is different from for Profit Entity.

For example the financial statements are produced differently. The Income Statement for profit entity is replaced by the statement of activities for nonprofits, while the balance sheet of a for profit entity is replaced by a statement of financial position for non-profits.

Nubus Accounting will make sure that your Non-profit organization accounting is done properly to meet the IRS Tax Laws.