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Maintain your 501(c)(3) status: Follow these do’s & don’ts
Your status with the IRS as a tax-exempt “public charity” gives you significant benefits — paying no federal, state or local income taxes is the most obvious advantage. And the good news doesn’t stop there.
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Do comply with reporting obligations.
Do maintain the required level of public support.
Do pay employment taxes and properly withhold from employees’ paychecks.
Do use a formal process to approve compensation.
Don’t operate for the benefit of private interests.
Don’t generate excessive unrelated business income (UBI).
Don’t engage in substantial lobbying or any political campaign activities.
This creates a private checklist in your account.