Form 1024
What is form 1024?
Form 1024 is a document used by organizations to apply for recognition of exemption under section 501(a) of the Internal Revenue Code. It is submitted to the Internal Revenue Service (IRS) to gain tax-exempt status. This form is essential for organizations seeking tax-exempt status and can provide numerous benefits.
What are the types of form 1024?
There are two primary types of form 1024: Form 1024-A and Form 1024-EZ. Form 1024-A is the Application for Recognition of Exemption Under Section 501(c)(4) of the Internal Revenue Code. This type of form is used by social welfare organizations to request tax-exempt status. On the other hand, Form 1024-EZ, also known as the Streamlined Application for Recognition of Exemption, is a simplified version of Form 1024. It is used by small nonprofit organizations with projected annual gross receipts of $50,000 or less and total assets of $250,000 or less.
How to complete form 1024
Completing form 1024 may seem daunting, but with the right guidance, it becomes a straightforward process. Here are the steps to complete form 1024:
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