Startup charitable nonprofit organizations typically file with IRS for recognition of tax-exempt status under Section 501(c)(3) of the Internal Revenue Code shortly after formation. If an application for such recognition (Form 1023) is filed within 27 months of formation, and approved, the IRS recognizes tax-exempt status retroactively as of the date of formation. But some […]
Form 1023 – Electronic Filing Requirement
The IRS recently revised Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, as an online fill-in form that must be filed electronically. You can find an overview of the mechanics of e-filing Form 1023 here. For lawyers and tax practitioners, you may also want to review Rev. Proc. […]
IRS Updated Procedures for Terrorism Screening of Exemption Applications
Terrorism, in many forms, has tragically continued to plague our global society, and we are tremendously saddened by the horrific events in Sri Lanka this past weekend. Nonprofits, including religious institutions, are often among those victimized and those that take leadership in recovery. But in extremely rare circumstances, nonprofits may be utilized to support terrorist […]
Starting a Nonprofit: Form 1023 or Form 1023-EZ?
Most new charitable nonprofits other than churches will seek 501(c)(3) recognition from the IRS. Since July 2014, qualifying nonprofits have been able to apply for recognition of 501(c)(3) tax-exempt status using either Form 1023 or the much simpler Form 1023-EZ. While Form 1023-EZ has since become the more popular application form, it may not always be the […]
Retroactive Reinstatement Procedures: Simplified
Generally, most tax-exempt organizations are required to file an annual return or notice with the IRS. Since 2010, the IRS has revoked the exemption of hundreds of thousands of organizations for failing to file the applicable annual return for three consecutive years. Once an organization’s tax-exempt status has been revoked, it may suffer a number […]
NEO Law Group’s Video on Tips for Starting a Nonprofit – Form 1023
NEO Law group recently posted a new YouTube video on 2 minute tips for starting a nonprofit. This video focuses on the Form 1023, the Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. We hope that you enjoy it and please stay tuned for additional videos from NEO Law Group on […]
Attorneys and Startup Nonprofits: PTIN Requirement
Attorneys who are compensated for preparing all or substantially all of the IRS exemption applications (Forms 1023 or 1024) must have a Preparer Tax Identification Number (PTIN) for 2012. Pro bono attorneys who help startup nonprofits are not required to have a PTIN if they prepare such Forms without compensation. If you think nobody was […]
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