Analysis of IRS Requirements (Other (Not Listed) Sample)

Analysis of IRS Requirements
Name
Institution
Analysis of IRS Requirements
An organization has to be organized and function for specific purposes for it to be able to be excluded from the federal income tax under the internal revenue service. These qualifications needs the company too have met certain requirements under the internal revenue service to be exempted from tax. The requirements may need an organization to be recognized as either a corporation, community fund or an article association to be considered. The institutions that may not meet the demands of the IRS may face certain penalties that are according to the internal revenue code (IRC). The main agenda of this study is to analyze the requirements of the internal revenue service (IRS).
The organizations excluded from tax are expected to submit their annual business to the IRS. The reporting is a necessary under the internal revenue code found on form “990, Return of Organization Exempt from Income Tax.” Such institutions are ones that are special under the IRC section 501(c). The private institutions are not to file the form as they have their annual filing requirement. Form 990 is an important document under section 501 (c) (3) as it ensures that the tax-exempt organizations are fulfilling their obligations of reporting their annual activities to the internal revenue service (Dustin, 2013).
Section 6104 (e) of the Internal Revenue Code demands that the organizations exempted from taxes to disclose particular information to the public where the new laws began working in 1999. The public inspection of the annual returns is meant to allow the tax-exempt organizations to disclose some information considered to be important to the public. The information must be published at their headquarters and most regional and district offices where part of their staff work (Hopkins, Gross, & Schenkelberg, 2011). These organizations are expected to disclose their applications for tax exemption and their returns for the last three years. Firms may not withhold the information about their employee’s compensation, but they may be exempted from disclosing the information about their donors including other secured taxpayers information. Applications and returns are supposed to be disclosed upon request as the inspection is available during normal working hours and at the time of the request. Organizations that post their applications and returns on the internet in recommended ways may not be required to provide copies again. National clearing houses will publish the disclosure information on the Internet (Simpson, & CCH Inocrporated, 2008).
If the request is made in person, the organization will have to provide the copies of the applications that are to be disclosed and returns the day they are paid for unless where there exist special circumstances. The copies that are requested in writing are to be approved within a period of thirty days of advance payment. Organizations may as well need advance payments for copies. The payments are to be accepted either in cash or certified checks, money orders or personal checks. A request copy received without the advance payment will need the organization to send a pay...