Posts Tagged: Form 3500

State Exemption Simplified

December 4, 2013 Posted by Jessica Shofler in News, Taxes

California recognizes organizations exempt under section 501(c)(3) of the Internal Revenue Code (“IRC”) as automatically exempt for California income and franchise tax purposes. But currently the Franchise Tax Board (“FTB”) doesn’t extend the same courtesy to other types of 501(c) organizations. This means that those organizations must complete a lengthy exemption application to achieve state …