An avid pianist, Scott Perlov is an attorney who focuses on corporate and transactional law at the Bryan Cave LLP law firm in Boulder, Colorado. In addition to holding advanced degrees from Colgate University, the Thunderbird School, the NYU School of Law, and American University, Scott Perlov has years of experience in the legal field, including performing legal work such as facilitating 501(c)(3) status for nonprofit organizations.
The 501(c)(3) status for nonprofits refers to a tax exempt designation authorized by Section 501(c) of the United States Internal Revenue Code. The code authorizes multiple types of nonprofit organizations, but a 501(c)(3) designation is the most common.
Organizations that focus work on areas such as charity, religion, education, science, youth sports, and other similar activities can obtain the 501(c)(3) designation. In addition to the federal income tax exemption, other benefits to organizations that qualify include tax-deductible contributions and tax-exempt financing, lower postage rates, and an exemption from federal unemployment taxes. Moreover, many nonprofits receive state-specific tax benefits depending on the state in which they are located.