America has a long heritage of establishing and supporting organizations that provide special service to communities, schools, religious work, and on behalf of issues such as the environment or other humanitarian causes.
These organizations are normally incorporated as a non-profit corporation and are dependent upon the financial support of donors. In order for supporters to claim their gifts against their taxes, the non-profit corporation must receive tax-exempt status also known as 501(c)(3) status.
An application for tax-exempt status is filed with the Internal Revenue Service. The application procedure is rigorous and requires detailed preparation of the documents. The entire process can take as long as 3 to 6 months when everything is in order and much longer when there are problems. Organizations have also been denied due to an improperly prepared application.
Paul Maloof and his colleagues at Redmon, Peyton & Braswell LLP are experienced in preparing and successfully attaining 501(c)(3) tax exempt status for nonprofit corporations, both domestically and internationally. They also work with CPAs whose mainstay of their practice is rendering accounting and tax advice to nonprofit and tax exempt corporations.