IRS Publication 501 Definition.

“IRS Publication 501 is the Internal Revenue Service’s official publication for tax-exempt organizations. It provides guidance on how to establish and maintain tax-exempt status, and outlines the requirements for filing annual tax returns. The publication also includes definitions of terms used in the tax code, such as “charitable organization,” “public charity,” and “private foundation.” These … Read more

What Is a Defined-Benefit Plan?

Examples and How Payments Work. A defined-benefit plan is a type of retirement plan in which an employer promises to pay retirees a certain amount of money each month, regardless of how much money the plan has in assets. The amount of the monthly payment is determined by a formula that takes into account the … Read more