I need help with an accounting problem

Accounting
Tutor: None Selected Time limit: 1 Day

Analyze the major requirements for an entity to qualify as exempt. Explain the manner in which these requirements help support the entity and its goals.

Nov 12th, 2015

Thank you for the opportunity to help you with your question!

The requirements for an entity be listed as a tax exempt are

  1. The organization gross receipts must not exceed $50,000
  2. And the last is that their assets cannot exceed $250,000
These organizations exist as small charities and their profits are used to organizational interests and not enrich individuals thus, help aid to support entity goals

Please let me know if you need any clarification. I'm always happy to answer your questions.
Nov 12th, 2015

Are you studying on the go? Check out our FREE app and post questions on the fly!
Download on the
App Store
...
Nov 12th, 2015
...
Nov 12th, 2015
Dec 11th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer