Federal Tax Exemption for Private Charitable Foundation

The most important characteristic of a private charitable foundation is it’s federal and state tax exemption. However, federal and State income tax exemption for your private charitable foundation is not automatic. Your non stock corporation must be properly formed under Connecticut law and the formation documents must contain the precise language required by the Internal Revenue Code, Treasury Regulations and Revenue Rulings. An application for tax exemption (IRS form 1023) must be properly completed and filed with the Internal Revenue Service along with the required documentation and filing fee. In addition, follow up questions from the IRS must be answered. If exempt status is not obtained in a timely manner, some or all of your tax benefits may be denied. You need a competent tax attorney to form your private charitable foundation, prepare and file IRS form 1023 and to respond to further inquiries from the Internal Revenue Service. Attorney Rubino has successfully formed many charitable organizations under Connecticut law and has prepared and filed IRS form 1023 on behalf of those charitable organizations, resulting in tax exempt recognition for those organizations under section 501(c)(3) of the Internal Revenue Code. He can competently and professionally prepare and file an application for federal tax exemption on behalf of your private charitable foundation.

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