Get the free irs form 1024 1998

IRS Form 1024 is a form used to apply for tax-exempt status under section 501(a), 501(c), 521, or 527 of the Internal Revenue Code. This form is typically used by organizations such as religious, charitable, educational, scientific, or literary organizations, as well as certain political organizations. The form requires detailed information about the organization's purpose, activities, finances, and governance. Once approved, the organization can qualify for federal tax exemption.

Organizations that are seeking recognition of exemption under section 501(a) of the Internal Revenue Code must file IRS Form 1024. This form is used to apply for recognition of exemption from federal income tax under specific sections of the tax code, such as 501(c)(3) for charitable organizations, 501(c)(4) for social welfare organizations, etc.

Filling out IRS Form 1024, also known as Application for Recognition of Exemption Under Section 501(a), requires careful attention to detail. This form is used to apply for tax-exempt status under various sections of the Internal Revenue Code. Here is a step-by-step guide to help you navigate the form: 1. Download the form: Visit the official IRS website (irs.gov) and search for Form 1024. Download the PDF version to your computer. 2. Read the instructions: Before beginning to fill out the form, thoroughly read the instructions provided with Form 1024. Familiarize yourself with the eligibility requirements, supporting documents needed, and potential filing fees. 3. Provide the organization's information: Start by entering the organization's legal name, address, EIN (Employer Identification Number), and the date of incorporation. Include the contact person's name, phone number, and email address. 4. Select the appropriate exemption: Indicate which section of the Internal Revenue Code you are applying for tax-exempt status under. This may include sections 501(c)(3) for charitable organizations, 501(c)(4) for social welfare organizations, or others based on your organization's purpose. 5. Provide a description of the organization's activities: Explain the nature of your organization's activities, how it operates, and the services it provides. Be clear and detailed in your descriptions, as this helps the IRS determine eligibility. 6. Explain your organization's structure and governance: Detail the organization's governing body, officers, and how they are elected or appointed. Mention any related organizations, subsidiaries, or affiliates if applicable. 7. Complete the financial information section: Report the organization's assets, liabilities, revenues, and expenses. Attach supporting financial statements, budgets, or other relevant documents. 8. Include required statements and schedules: Certain types of organizations must include specific statements or schedules, such as private foundations (Schedule A) or churches (Schedule C). Check the instructions to determine which additional forms are needed. 9. Attach supporting documents: Include any necessary documentation required to substantiate your exemption claim. This could include articles of incorporation, bylaws, a determination letter from a parent organization (if applicable), or other relevant supporting materials. 10. Sign and date the form: Ensure that the authorized representative of the organization signs and dates the form. Note that there may be additional signature requirements for certain types of organizations, such as corporations or partnerships. 11. Pay the filing fee (if required): Check the instructions to determine if your organization is subject to a filing fee based on its annual gross receipts. If required, submit the fee along with the Form 1024. 12. Keep a copy for your records: Make a copy of the completed Form 1024, including all attachments and supporting documents, for your records. 13. Mail the application: Send the completed Form 1024, applicable schedules, and supporting documents to the IRS address provided in the instructions. It is recommended to consult with a tax professional or attorney experienced in nonprofit law when filling out IRS Form 1024, ensuring accuracy and compliance with all IRS requirements.

The purpose of IRS Form 1024 is to apply for recognition of exemption for certain organizations, specifically those that are seeking exemption under section 501(a), 501(c)(3), 501(c)(4), 501(c)(5), 501(c)(6), or 501(c)(7) of the Internal Revenue Code. This form is used to provide the IRS with information about the organization's structure, activities, and finances to determine whether it meets the requirements for tax-exempt status.

IRS Form 1024, also known as Application for Recognition of Exemption Under Section 501(a), requires organizations to report various information related to their eligibility for tax-exempt status. This form is typically used by organizations seeking recognition as exempt from federal income tax under section 501(a) of the Internal Revenue Code (IRC). The specific information that must be reported on IRS Form 1024 includes: 1. Identification Information: The organization's legal name, mailing address, employer identification number (EIN), and telephone number. 2. Organizational Structure: The type of organization, such as a corporation, trust, or association, along with the date and place of formation. 3. Purpose and Financial Activities: A detailed description of the organization's purpose and activities, including how it plans to achieve its exempt purpose and a statement of its financial structure. 4. Narrative Description: A narrative description of the organization's activities, including a summary of past, present, and future activities, the population it serves, and any political, lobbying, or advocacy activities. 5. Governing Instruments: The organization's governing documents, such as articles of incorporation, bylaws, trust agreement, operating agreement, or other relevant documents. 6. Financial Data: A statement of the organization's financial data, including assets, liabilities, revenues, and expenses for the current year and the three prior years (if applicable). 7. Compensation: Information on compensation and benefits provided to officers, directors, trustees, and other key individuals. 8. Public Charity Status: Details regarding the organization's classification as a public charity or private foundation, including the source of its support and its public support test calculations. 9. Lobbying and Political Activities: Information regarding the organization's lobbying and political activities, including any financial expenditures or involvement in political campaigns or legislative activities. 10. Dissolution Provisions: Provisions outlining the distribution of assets upon the organization's dissolution. 11. User Fee: The required user fee, which varies depending on the organization's financial status. It is essential to consult the official instructions and guidelines provided by the IRS when filling out Form 1024, as the requirements may change over time or be subject to specific circumstances.

The deadline to file IRS Form 1024 (Application for Recognition of Exemption Under Section 501(a)) in 2023 is generally based on the organization's tax year. The form should be submitted no later than the 15th day of the 5th month after the end of the organization's accounting period. However, it is recommended to check the official IRS website or consult with a tax professional for the most accurate and up-to-date information regarding specific deadlines.

If an organization files Form 1024 (Application for Recognition of Exemption Under Section 501(a)) after the 15th day of the 5th month following the close of the organization's accounting period in which it was organized, the IRS may assess a penalty of $20 per day, with a maximum penalty of $10,000. However, if the organization can demonstrate reasonable cause for the delay in filing, the penalty may be waived.

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