What is the Difference Between 501c3 and 501c6 Accounting for Nonprofits?
501c3 organizations, also known as nonprofit organizations, and 501c6 organizations, also known as trade associations, are designations in the nonprofit organizational structure. They’re easily confused. The accounting requirements for 501c3 and 501c6 organizations can be just as confusing. The Internal Revenue Service (IRS) exempts both from paying federal income taxes, but their core purpose…