Get the free Form 1023

This document is an application package for organizations seeking tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. It details the necessary forms, supporting documentation, and the application process for recognition of exemption, specific to organizations based in Guam.

How to fill out form 1023

How to fill out form 1023

1. Gather your organization’s information: Legal name, address, and EIN.
2. Determine your organization’s structure and purpose.
3. Complete Part I: Identification of Applicant with basic details.
4. Fill out Part II: Organizational Structure, specifying your entity type.
5. Complete Part III: Required Provisions in Your Organizing Document, ensuring compliance with IRS requirements.
6. Fill out Part IV: Narrative Description of Your Activities with a detailed explanation of your planned activities.
7. Complete Part V: Compensation and Financial Data, providing information on income and expenses.
8. Fill out Schedule A: Organizations Organized for a Charitable Purpose, if applicable.
9. Attach required documents such as Bylaws, Articles of Incorporation, and financial statements.
10. Sign and date the form before submitting it to the IRS.

Who needs form 1023?

1. Nonprofit organizations seeking tax-exempt status under section 501(c)(3) of the Internal Revenue Code.
2. Charitable organizations, educational institutions, and social welfare organizations.
3. Other organizations that fit the criteria for federal 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 that seeks tax-exempt status under Section 501(c)(3) must file Form 1023 with the IRS.

How to fill out form 1023?

Fill out Form 1023 by providing detailed descriptions of the organization's activities, structure, governance, and financial information. It should be completed accurately and fully to ensure proper review by the IRS.

What is the purpose of form 1023?

The purpose of Form 1023 is to determine whether an organization qualifies as a tax-exempt entity under the tax code, allowing it to receive tax-deductible charitable contributions.

What information must be reported on form 1023?

Form 1023 requires information including the organization's mission, structure, governance, programs, financial data, and any compensation for officers, directors, and employees.