This recognition, endowed from the IRS, will allow IAB to devote larger portions of their resources to achieving its mission to serve the needs of the millions of small business owners and the self employed.
Washington, DC (PRWEB) March 16, 2011
(IAB) Independent Association of Businesses announced today it received official notification from the Internal Revenue Service that it has been granted the tax exempt status of a 501(c)6 organization.
Within weeks after filing for tax exempt status, IAB received a Letter of Determination from the IRS as to the outcome. IAB did not anticipate such a rapid response. Entities filing for tax exempt status estimate the ongoing process will take up to a year or longer, if ever, before receiving such privileged designation.
Upon notification of its tax exempt status, IAB called upon its federal counsel at Webster, Chamberlain and Bean, a 40 year old Washington, D.C. landmark for legal service to the nation’s leading associations. WC&B acknowledged with amazement the speediness of the return, as being unprecedented in the firm’s history. IAB further learned that the date of IAB’s tax exempt status was not from the approved day forward, rather, it was deemed retroactive to the Association’s incorporated filing date in 1982. IAB was advised that being granted tax exempt, the rapid response of notification and also being granted retroactive status is one of the highest testaments it could receive for its’ efforts with the national small business community.
Over the past 3 decades, IAB has been privileged to receive numerous honors of recognition and commendation, from territorial, state and congressional institutions for its innovative achievements and benefits provided through membership. "This recognition, endowed from the IRS, will allow IAB to devote larger portions of their resources to achieving its mission to serve the needs of the millions of small business owners and the self employed as members of America’s Premier Membership Association," stated IAB President Shane M. Madigan.
Founded in 1982 under the name Family Security Coalition, IAB develop educational services for small businesses and the self-employed community and the millions of families that are supported by these entities. IAB entered into agreements with businesses and providers to offer additional savings and economic benefits to its members. IAB partnered with leading industry experts, such as Zig Ziglar, the Horatio Alger Foundation and many others to help teach employers and their employees how to reach higher levels of success in both their professional and personal lives. IAB has continually set the pace for innovative benefits using various communication forums, such as educational seminars, talk radio programs, advanced internet technologies and by its grass roots approach of listening to the changing needs of independent business owners in America.
For more information, go to http://www.iabbenefits.com