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This form is used by organizations to apply for recognition of tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. It includes various parts that collect information about the
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How to fill out form 1023
How to fill out Form 1023
01
Obtain Form 1023 from the IRS website.
02
Read the instructions carefully to understand the requirements.
03
Complete the identification section, including your organization's name and address.
04
Provide details about your organization’s structure, including whether it is a corporation, trust, or association.
05
Describe your organization's mission and the activities it will engage in.
06
Include a narrative of your organization's history and past activities, if applicable.
07
Provide a budget or financial information to demonstrate how you plan to fund your activities.
08
Answer questions about your organization's governance and policies.
09
Gather necessary supporting documents, such as articles of incorporation and bylaws.
10
Review the completed form for accuracy, sign it, and send it to the IRS.
Who needs Form 1023?
01
Organizations applying for tax-exempt status under section 501(c)(3) of the Internal Revenue Code.
02
Nonprofits that will be operating as charitable, religious, educational, scientific, or other qualifying purposes.
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People Also Ask about
What happens if I use Form 1023-EZ and bring in more than $50,000?
In either case, your organization will be on the IRS radar, and it could lose its exempt status entirely. Remember too, you are signing the application under penalty of perjury. If you have any expectation of more than $50,000 in revenue, you would be far wiser to file the full Form 1023 now.
How long does it take for Form 1023 to be approved?
If you file Form 1023, the average IRS processing time is 6 months. Processing times of 9 or 12 months are not unheard of. The IRS closely scrutinizes these applications, as the applicants are typically large or complex organizations.
What is the difference between a 501c3 and a 1023?
Section 501(c)(3) outlines the qualifications of a tax-exempt organization in certain respects while Form 1023 must be filled out in order to obtain the tax-exempt status. You'll learn the fundamentals of fundraising, writing a mission statement, choosing a board of directors and so much more!
How much does it cost to file an IRS Form 1023?
The user fee for: Form 1023 is $600. Form 1023-EZ is $275.
How long does it take for Form 1023 to be approved?
If you file Form 1023, the average IRS processing time is 6 months. Processing times of 9 or 12 months are not unheard of. The IRS closely scrutinizes these applications, as the applicants are typically large or complex organizations.
What is IRS Form 1023 for?
Form 1023 is an application an organization uses for the IRS to issue a determination letter or ruling letter that recognizes an organization's exemption from federal income tax.
Can I file Form 1023 electronically?
Organizations must electronically file this form to apply for recognition of exemption from federal income tax under section 501(c)(3). Note. You may be eligible to file Form 1023-EZ, a streamlined version of the application for recognition of tax exemption.
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What is Form 1023?
Form 1023 is an application form used by organizations seeking recognition of exemption from federal income tax under section 501(c)(3) of the Internal Revenue Code.
Who is required to file Form 1023?
Organizations that wish to obtain tax-exempt status as a charitable organization under section 501(c)(3) must file Form 1023.
How to fill out Form 1023?
To fill out Form 1023, organizations should provide detailed information about their structure, governance, activities, finances, and purposes, following the specific instructions provided by the IRS.
What is the purpose of Form 1023?
The purpose of Form 1023 is to apply for federal tax exemption status and to ensure that the organization meets the requirements set forth by the IRS for charitable organizations.
What information must be reported on Form 1023?
Form 1023 requires organizations to report information such as their legal structure, mission statement, programs and activities, financial data, and governance policies.
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