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Form 990-EZ online Knoxville Tennessee: What You Should Know
Nonprofit Organizations — IRS Nonprofit organizations will use a different form for their Form 990 for 2020, then for the previous 3 years. Nonprofit Organizations — Tennessee Department of Human Services See here for information regarding reporting to the U.S. Department of Health and Human Services. If you are involved in the production of athletic teams for the use of athletes for which you receive no compensation or for which you do not require compensation for any purpose, the following is in addition to your tax status as a 501(c)(3) organization. If you are a Division I NCAA member institution and your athletics department makes at least 50% of your student-athlete revenue, you should report the athletic department's revenue and expenses on Schedule C: Athletic Department Revenue, Schedule C: Athletic Department Expenses and Schedule C: Athletic Department Income. If you are an individual who engages in the following activities: Professional sports leagues such as the NFL, NBA or MLB, or other NCAA Division I or II college athletics games Professional athletes affiliated with teams who play in the NFL, NBA or MLB Professional sports leagues such as professional basketball, soccer or American football Professional artists performing before professional sporting or theater audiences Professional sports leagues such as professional basketball, soccer or American football Professional artists performing before professional sporting or theater audiences The above activities are subject to different standards for qualifying for a tax exemption based on a specific business activity. If an activity qualifies as a trade or business for purpose of determining an athletic institution's tax-exempt status, then it is considered a business expense under the IRS regulations. The specific rules are contained in the IRS regulations, Internal Revenue Code section 4948. Any individual, partnership or corporation who qualifies as an exempt organization under the Federal tax regulations is required to be subject to the reporting requirement. Nonprofits that participate in any professional sport leagues, professional athletic competitions or professional sporting or theatrical performances are required to designate a tax-exempt public relations entity. Professional sports leagues such as the National Football League and the National Basketball Association have designated entities to receive their public relations publicity expenses. Professional football players are expected to be compensated for the use of their names and images or other items used in connection with the services they render. When a sport association or a sports league designates a PR agent to receive the expenses, the name and address of the agent are to become part of the IRS publication, “Exhibits to Tax Filers,” available on their website.
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