What are Nonprofits and Why Obtain Tax Exempt Status

What are Nonprofits and Why Obtain Tax Exempt Status ¨     There are several types of nonprofit organizations and the most preferred and common is 501(c)(3) tax-exempt status with the IRS. ¨     501(c)(3)s must be organized for charitable, religious, educational, scientific, grassroots organizations and to promote amateur sports competition or to prevent cruelty to children or…