In an effort to apply for tax-exempt status, most organizations use one particular on the distinct application forms offered by the IRS. These forms include things like the following:
- Form 1023, which can be titled Application for Recognition of Exemption beneath Section 501(c)(three) on the Internal Income Code
- Form 1024, which can be titled Application for Recognition of Exemption beneath Section 501(a)
These forms are out there on line (www.irs.gov), and they include directions and checklists to assist you deliver the information and facts vital for the IRS to course of action the application.
If the form is adequately completed plus the IRS recognizes your organization’s tax-exempt status, it's going to situation a determination letter, which can be an official letter from the IRS addressed for the applicant organization which especially states that the organization has (or has not) met the needs to get a tax exemption beneath the distinct section of 501(c) the applicant applied for. Determination letters will not ordinarily be given if a problem involving the organization’s exempt status is in litigation or is beneath consideration inside the IRS.
If the form is adequately completed plus the IRS recognizes your organization’s tax-exempt status, it's going to situation a determination letter, which can be an official letter from the IRS addressed for the applicant organization which especially states that the organization has (or has not) met the needs to get a tax exemption beneath the distinct section of 501(c) the applicant applied for. Determination letters will not ordinarily be given if a problem involving the organization’s exempt status is in litigation or is beneath consideration inside the IRS.
Elmer Tamayo is the author of myaccountinginfo.net who took-up his degree of "BS in Accountancy" major in accounting. A Web designer and blogger, His passion is Reading books, searching new tech update on the world wide web. Read More...
