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This document serves as an application for organizations seeking tax-exempt status under section 501(c)(3) of the Internal Revenue Code. It outlines the necessary procedures, requirements, and information
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How to fill out form 1023
How to fill out Form 1023
01
Gather the required information about your organization.
02
Complete Part I of Form 1023, providing the organization's name, address, and EIN.
03
Fill out Part II to describe your organization's exempt purposes.
04
Complete Part III, detailing the individuals involved with the organization.
05
Fill out Part IV by providing financial data and statements.
06
Complete Part V, explaining how your organization will operate.
07
Provide documentation of your organization’s activities, governing documents, and financial history as needed.
08
Review the instructions for any additional requirements specific to your organization type.
09
Sign and date the form.
10
Submit Form 1023 along with the required user fee to the IRS.
Who needs Form 1023?
01
Nonprofit organizations seeking federal tax-exempt status under Section 501(c)(3) of the Internal Revenue Code.
02
Organizations planning to operate for charitable, educational, or religious purposes.
03
Groups that are newly formed and have not previously received a determination letter from the IRS.
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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 to apply for recognition of exemption from federal income tax under Section 501(c)(3) of the Internal Revenue Code.
Who is required to file Form 1023?
Any organization intending to operate as a tax-exempt charity under Section 501(c)(3) of the Internal Revenue Code must file Form 1023.
How to fill out Form 1023?
To fill out Form 1023, organizations need to gather necessary information, complete the application answering all required questions, and submit the form along with relevant schedules and a filing fee to the IRS.
What is the purpose of Form 1023?
The purpose of Form 1023 is to provide the IRS with information about an organization seeking tax-exempt status and to demonstrate that it meets the requirements outlined in the Internal Revenue Code.
What information must be reported on Form 1023?
Form 1023 requires information about the organization's structure, governance, activities, financial data, and plans for fundraising, among other details.
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