The IRS 1024 form is a document used by organizations seeking recognition of exemption from federal income tax under several sections other than 501(c)(3). Its completion is integral for entities aiming to operate without the burden of federal income taxes, allowing them to allocate more resources towards achieving their mission. For detailed guidance on accurately filling out this form, click the button below.
Navigating through the vast terrain of tax-exempt status applications can seem daunting for many organizations. At the heart of this process is the IRS 1024 form, a critical document for certain types of nonprofits seeking recognition of their tax-exempt status under sections other than 501(c)(3) of the Internal Revenue Code. This includes a variety of organizations such as social clubs, fraternal societies, and certain types of trade associations. The form meticulously gathers information about the organization's structure, activities, governance, and financial data to ensure compliance with federal tax laws. Understanding the importance of accurate and complete submission cannot be overstressed, as it paves the way for the benefits of tax-exempt status, including exemption from federal income tax and, in many cases, eligibility to receive tax-deductible contributions. While the form itself may appear complex at first glance, its role in enabling organizations to achieve their missions while enjoying tax-related benefits is undeniable.
The form you are looking for begins on the next page of this file. Before viewing it, please see the important update information below.
New Mailing Address
The mailing address for certain forms have change since the forms were last published. The new mailing address are shown below.
Mailing Address for Forms 1023, 1024, 1024-A, 1028, 5300, 5307, 5310, 5310-A, 5316, 8717, 8718, 8940:
Internal Revenue Service
TE/GE Stop 31A Team 105
P.O. Box 12192
Covington, KY 41012–0192
Deliveries by private delivery service (PDS) should be made to:
7940 Kentucky Drive
Florence, KY 41042
This update supplements these forms’ instructions. Filers should rely on this update for the change described, which will be incorporated into the next revision of the form’s instructions.
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Form 1024 (Rev. January 2018)
Department of the Treasury Internal Revenue Service
Application for Recognition of Exemption
Under Section 501(a)
Go to www.irs.gov/Form1024 for instructions and the latest information.
OMB No. 1545-0057
If exempt status is approved, this application will be open for public inspection.
Read the instructions for each Part carefully. A User Fee must be attached to this application.
If the required information and appropriate documents are not submitted along with Form 8718 (with payment of the
appropriate user fee), the application may be returned to the organization.
Complete the Procedural Checklist that follows the form.
Part I. Identification of Applicant Must be completed by all applicants; also complete appropriate schedule. Submit only the schedule that applies to your organization. Do not submit blank schedules.
Check the appropriate box below to indicate the section under which the organization is applying:
a Section 501(c)(2)—Title holding corporations (Schedule A)
b Reserved for future use
c
Section 501(c)(5)—Labor, agricultural, or horticultural organizations (Schedule C)
d Section 501(c)(6)—Business leagues, chambers of commerce, etc. (Schedule C)
e
Section 501(c)(7)—Social clubs (Schedule D)
f
Section 501(c)(8)—Fraternal beneficiary societies, etc., providing life, sick, accident, or other benefits to members (Schedule E)
g
Section 501(c)(9)—Voluntary employees’ beneficiary associations (Parts I through IV and Schedule F)
h
Section 501(c)(10)—Domestic fraternal societies, orders, etc., not providing life, sick, accident, or other benefits (Schedule E)
i
Section 501(c)(12)—Benevolent life insurance associations, mutual ditch or irrigation companies, mutual or cooperative telephone
companies, or like organizations (Schedule G)
j Section 501(c)(13)—Cemeteries, crematoria, and like corporations (Schedule H)
k
Section 501(c)(15)—Mutual insurance companies or associations, other than life or marine (Schedule I)
l
Section 501(c)(17)—Trusts providing for the payment of supplemental unemployment compensation benefits (Parts I through IV and Schedule J)
m
Section 501(c)(19)—A post, organization, auxiliary unit, etc., of past or present members of the Armed Forces of the United States (Schedule K)
n
Section 501(c)(25)—Title holding corporations or trusts (Schedule A)
1a
Full name of organization (as shown in organizing document)
2 Employer identification number (EIN) (if
none, see Specific Instructions)
1b c/o Name (if applicable)
3 Name and telephone number of person to be
contacted if additional information is needed
1c
Address (number and street)
Room/Suite
1d
City, town or post office, state, and ZIP + 4. If you have a foreign address, see Specific
Instructions for Part I.
(
)
1e
Web site address
4 Month the annual accounting period ends
5 Date incorporated or formed
6Did the organization previously apply for recognition of exemption under this Code section or under any other section of the Code? If “Yes,” attach an explanation.
Yes
No
7 Has the organization filed Federal income tax returns or exempt organization information returns? . . . . . . . .
If “Yes,” state the form numbers, years filed, and Internal Revenue office where filed.
8Check the box for the type of organization. ATTACH A CONFORMED COPY OF THE CORRESPONDING ORGANIZING DOCUMENTS TO THE APPLICATION BEFORE MAILING.
a
Corporation—
Attach a copy of the Articles of Incorporation (including amendments and restatements) showing approval by the
appropriate state official; also attach a copy of the bylaws.
b
Trust—
Attach a copy of the Trust Indenture or Agreement, including all appropriate signatures and dates.
Association—
Attach a copy of the Articles of Association, Constitution, or other creating document, with a declaration (see instructions)
or other evidence that the organization was formed by adoption of the document by more than one person. Also include a
copy of the bylaws.
If this is a corporation or an unincorporated association that has not yet adopted bylaws, check here . . . . . . . .
I declare under the penalties of perjury that I am authorized to sign this application on behalf of the above organization, and that I have examined this application, including the accompanying schedules and attachments, and to the best of my knowledge it is true, correct, and complete.
PLEASE
F
SIGN
HERE
(Signature)
For Paperwork Reduction Act Notice, see instructions.
(Type or print name and title or authority of signer)
(Date)
Catalog No. 12343K
Form 1024 (Rev. 1-2018)
Page 2
Part II. Activities and Operational Information (Must be completed by all applicants)
1Provide a detailed narrative description of all the activities of the organization—past, present, and planned. Do not merely refer to or repeat the language in the organizational document. List each activity separately in the order of importance based on the relative time and other resources devoted to the activity. Indicate the percentage of time for each activity. Each description should include, as a minimum, the following: (a) a detailed description of the activity including its purpose and how each activity furthers your exempt purpose; (b) when the activity was or will be initiated; and (c) where and by whom the activity will be conducted.
2List the organization’s present and future sources of financial support, beginning with the largest source first.
Page 3
Part II. Activities and Operational Information (continued)
3Give the following information about the organization’s governing body:
a Names, addresses, and titles of officers, directors, trustees, etc.
bAnnual compensation
4If the organization is the outgrowth or continuation of any form of predecessor, state the name of each predecessor, the period during which it was in existence, and the reasons for its termination. Submit copies of all papers by which any transfer of assets was effected.
5If the applicant organization is now, or plans to be, connected in any way with any other organization, describe the other organization and explain the relationship (for example, financial support on a continuing basis; shared facilities or employees; same officers, directors, or trustees).
6If the organization has capital stock issued and outstanding, state: (1) class or classes of the stock; (2) number and par value of the shares;
(3) consideration for which they were issued; and (4) if any dividends have been paid or whether your organization’s creating instrument authorizes dividend payments on any class of capital stock.
7State the qualifications necessary for membership in the organization; the classes of membership (with the number of members in each class); and the voting rights and privileges received. If any group or class of persons is required to join, describe the requirement and explain the relationship between those members and members who join voluntarily. Submit copies of any membership solicitation material. Attach sample copies of all types of membership certificates issued.
8Explain how your organization’s assets will be distributed on dissolution.
Page 4
9Has the organization made or does it plan to make any distribution of its property or surplus funds to shareholders or
members? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” state the full details, including: (1) amounts or value; (2) source of funds or property distributed or to be distributed; and (3) basis of, and authority for, distribution or planned distribution.
10Does, or will, any part of your organization’s receipts represent payments for services performed or to be performed? . If “Yes,” state in detail the amount received and the character of the services performed or to be performed.
11Has the organization made, or does it plan to make, any payments to members or shareholders for services performed or
to be performed? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” state in detail the amount paid, the character of the services, and to whom the payments have been, or will be, made.
12Does the organization have any arrangement to provide insurance for members, their dependents, or others (including
provisions for the payment of sick or death benefits, pensions, or annuities)? . . . . . . . . . . . . .
If “Yes,” describe and explain the arrangement’s eligibility rules and attach a sample copy of each plan document and each type of policy issued.
13Is the organization under the supervisory jurisdiction of any public regulatory body, such as a social welfare agency, etc.? If “Yes,” submit copies of all administrative opinions or court decisions regarding this supervision, as well as copies of applications or requests for the opinions or decisions.
14 Does the organization now lease or does it plan to lease any property? . . . . . . . . . . . . . . .
If “Yes,” explain in detail. Include the amount of rent, a description of the property, and any relationship between the applicant organization and the other party. Also, attach a copy of any rental or lease agreement. (If the organization is a party, as a lessor, to multiple leases of rental real property under similar lease agreements, please attach a single representative copy of the leases.)
15Has the organization spent or does it plan to spend any money attempting to influence the selection, nomination, election,
or appointment of any person to any federal, state, or local public office or to an office in a political organization? . . If “Yes,” explain in detail and list the amounts spent or to be spent in each case.
16 Does the organization publish pamphlets, brochures, newsletters, journals, or similar printed material? . . . . .
If “Yes,” attach a recent copy of each.
Page 5
Part III. Financial Data (Must be completed by all applicants)
Complete the financial statements for the current year and for each of the 3 years immediately before it. If in existence less than 4 years, complete the statements for each year in existence. If in existence less than 1 year, also provide proposed budgets for the 2 years following the current year.
A. Statement of Revenue and Expenses
Revenue
1
Gross dues and assessments of members . . .
2
Gross contributions, gifts, etc
3Gross amounts derived from activities related to the organization’s exempt purpose (attach schedule)
(Include related cost of sales on line 9.) . . . .
4Gross amounts from unrelated business activities (attach schedule)
5 Gain from sale of assets, excluding inventory items
(attach schedule)
. . . . . . . . . .
6
Investment income (see instructions)
7
Other revenue (attach schedule)
8Total revenue (add lines 1 through 7) . . . . .
Expenses
9Expenses attributable to activities related to the organization’s exempt purposes . . . . . .
10Expenses attributable to unrelated business activities
11Contributions, gifts, grants, and similar amounts paid
12Disbursements to or for the benefit of members (attach schedule)
13Compensation of officers, directors, and trustees (attach schedule)
14
Other salaries and wages
15
Interest
16
Occupancy
17
Depreciation and depletion
. . . . . . .
18
Other expenses (attach schedule)
19Total expenses (add lines 9 through 18) . . . .
20Excess of revenue over expenses (line 8 minus
line 19) . . . . . . . . . . . . .
(a) Current Tax Year
3 Prior Tax Years or Proposed Budget for Next 2 Years
From
(b)
(c)
(d)
To
(e)Total
B. Balance Sheet (at the end of the period shown)
Current Tax Year
Assets
as of
Cash
Accounts receivable, net
3
Inventories
4
Bonds and notes receivable (attach schedule)
5
Corporate stocks (attach schedule)
Mortgage loans (attach schedule)
Other investments (attach schedule)
8
Depreciable and depletable assets (attach schedule)
9
Land
10
Other assets (attach schedule)
. . . . . . . . . . . . . . . . . . . . . . . . . .
11
Total assets
12
Liabilities
Accounts payable
13
Contributions, gifts, grants, etc., payable
Mortgages and notes payable (attach schedule)
Other liabilities (attach schedule)
Total liabilities
Fund Balances or Net Assets
Total fund balances or net assets
Total liabilities and fund balances or net assets (add line 16 and line 17)
If there has been any substantial change in any aspect of the organization’s financial activities since the end of the period shown above, check the box and attach a detailed explanation . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 6
If “Yes,” give the reasons for not filing this application within the 27-month period described in question 2. See Specific Instructions, Part IV, Line 3, before completing this item. Do not answer question 4.
If “No,” answer question 4.
4If you answer “No” to question 3, your organization’s qualification as a section 501(c)(9) or 501(c)(17) organization can be recognized only from the date this application is filed. Therefore, does the organization want us to consider its application as a request for recognition of exemption as a section 501(c)(9) or 501(c)(17) organization from the date the application is received and not retroactively to the date the organization was created or formed? . . . . . . . . . . . .
Page 7
Schedule A Organizations described in section 501(c)(2) or 501(c)(25) (Title-holding corporations or trusts)
1State the complete name, address, and EIN of each organization for which title to property is held and the number and type of the applicant organization’s stock held by each organization.
2If the annual excess of revenue over expenses has not been or will not be turned over to the organization for which title to property is held, state the purpose for which the excess is or will be retained by the title holding organization.
3In the case of a corporation described in section 501(c)(2), state the purpose of the organization for which title to property is held (as shown in its governing instrument) and the Code sections under which it is classified as exempt from tax. If the organization has received a determination or ruling letter recognizing it as exempt from taxation, please attach a copy of the letter.
4In the case of a corporation or trust described in section 501(c)(25), state the basis whereby each shareholder is described in section 501(c)(25)(C). For each organization described that has received a determination or ruling letter recognizing that organization as exempt from taxation, please attach a copy of the letter.
5With respect to the activities of the organization.
a Is any rent received attributable to personal property leased with real property? . . . . . . . . . . . .
If “Yes,” what percentage of the total rent, as reported on the financial statements in Part III, is attributable to personal property?
bWill the organization receive income which is incidentally derived from the holding of real property, such as income
from operation of a parking lot or from vending machines? . . . . . . . . . . . . . . . . . .
If “Yes,” what percentage of the organization’s gross income, as reported on the financial statements in Part III, is incidentally derived from the holding of real property?
cWill the organization receive income other than rent from real property or personal property leased with real property or income which is incidentally derived from the holding of real property? . . . . . . . . . . . . . .
If “Yes,” describe the source of the income.
Instructions
Line 1.—Provide the requested information on each organization for which the applicant organization holds title to property. Also indicate the number and types of shares of the applicant organization’s stock that are held by each.
Line 2.—For purposes of this question, “excess of revenue over expenses” is all of the organization’s income for a particular tax year less operating expenses.
Line 3.—Give the exempt purpose of each organization that is the basis for its exempt status and the Internal Revenue Code section that
describes the organization (as shown in its IRS determination letter).
Line 4.—Indicate if the shareholder is one of the following.
1.A qualified pension, profit-sharing, or stock bonus plan that meets the requirements of the Code;
2.A government plan;
3.An organization described in section 501(c)(3); or
4.An organization described in section 501(c)(25).
Page 8
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Filling out the IRS 1024 form is a critical step for organizations seeking recognition of exemption under sections other than 501(c)(3) of the Internal Revenue Code. The process requires precision and attention to detail. After submitting the form, the IRS will review the application to determine the organization's eligibility for tax-exempt status. It's crucial to provide accurate and comprehensive information to facilitate a smooth review process.
Once the application has been submitted, the waiting period for a response from the IRS can vary. During this time, it's advisable to monitor the application's status and be prepared to provide additional information if requested by the IRS. Receiving approval for tax-exempt status is a significant achievement that will facilitate the organization's operations and contributions to society.
What is the IRS 1024 form used for?
The IRS 1024 form is a document organizations fill out to apply for recognition of exemption under section 501(a) of the Internal Revenue Code other than sections 501(c)(3) or 501(c)(4). This includes organizations seeking classification as 501(c)(5), 501(c)(6), etc. By completing this form, entities request an official determination of their tax-exempt status from the IRS.
Who needs to file the IRS 1024 form?
Organizations seeking tax-exempt status under sections of the code other than 501(c)(3) or 501(c)(4), such as trade associations, social and recreation clubs, and certain fraternal organizations, need to file the IRS 1024 form. Specifically, any entity that believes it meets the criteria for tax exemption under the applicable sections of 501(a) should consider filing this form to get IRS approval.
How do you file the IRS 1024 form?
To file the IRS 1024 form, organizations must complete it with accurate and comprehensive information about their operations, including their purpose, activities, and financial data. They should also include any required attachments and the user fee. As of the last update, the IRS accepts filings for the 1024 form both electronically through Pay.gov and in paper form, mailed to the designated address. Filing electronically is recommended for faster processing.
Is there a filing fee for the IRS 1024 form?
Yes, there is a filing fee required when submitting the IRS 1024 form. The fee amount varies and is subject to change, so it's advisable to consult the latest IRS instructions or IRS.gov for the current rate. Payment of the fee is necessary for the IRS to process the application.
How long does it take to get a response after filing the IRS 1024 form?
The processing times for the IRS 1024 form can vary based on the IRS's current workload and the complexity of the application. Generally, organizations can expect a response within 3 to 6 months after filing. However, this timeframe may be longer if the IRS requests additional information or clarification.
What happens if the IRS approves the application filed on the 1024 form?
If the IRS approves the application, the organization will receive a determination letter recognizing its tax-exempt status under the specific section of the Internal Revenue Code it applied under. This letter is important as it officially grants the organization exemption from federal income taxes and may be required for certain state tax exemptions, grant applications, and fundraising activities.
Can an organization be denied tax-exempt status?
Yes, an organization can be denied tax-exempt status if it fails to meet the criteria set forth for exemption under the Internal Revenue Code. Reasons for denial can include engaging in activities that are substantially unrelated to its stated exempt purposes, benefiting private interests rather than the public, or failing to provide the required information through the IRS 1024 form. If denied, the organization will receive a written explanation from the IRS and information on how to appeal the decision.
Filing out the IRS 1024 form, required for organizations seeking tax-exempt status under certain sections other than 501(c)(3), can be daunting. A common mistake is not providing sufficient detail about the organization's activities. This form is the IRS's way of understanding exactly what your organization does on a daily basis. Vague descriptions can lead to unnecessary delays or even rejection.
Another error is incorrectly assuming your organization doesn’t need to file Form 1023 as well. The IRS 1024 form covers a range of sections like 501(c)(4), (c)(6), etc., but some organizations might also need to file Form 1023 for 501(c)(3) status. Checking which forms apply to your specific situation is crucial to avoid backtracking or facing penalties.
Missing the required attachments is yet another hiccup on the road to approval. The IRS mandates specific documents accompany your Form 1024 application, such as articles of incorporation, bylaws, and financial statements. Failing to attach these can halt the process. Also, ensure all documents are clearly legible and fully completed. Partial or hard-to-read submissions complicate the IRS's ability to review your application efficiently.
Overlooking the need for a detailed narrative of past, present, and planned activities is a mistake that can cost you. This narrative is your chance to explain the purpose and mission of your organization. It should include enough detail to give the IRS a clear picture of your operations and how they align with the tax-exempt status you're requesting.
A misunderstanding about the filing fee can also lead to issues. Some applicants either forget to include the fee altogether or miscalculate the amount due based on their organization's expected annual gross receipts. Checking the IRS's most recent guidelines on filing fees is a simple step that can prevent unnecessary complications.
Avoiding these mistakes when filling out the IRS 1024 form requires attention to detail and a comprehensive understanding of your organization's activities and structure. It's often beneficial to seek guidance from a professional who can ensure your submission is complete, accurate, and clear. This can help expedite the process and increase your chances of approval.
When an organization decides to apply for tax-exempt status under section 501(a), completing the IRS 1024 form is just one step in the process. This vital form is part of a larger collection of documents and forms that organizations may need to gather and complete as part of their application. The following list includes other forms and documents often used alongside the IRS 1024 form, each serving a unique purpose in the overall application process for tax-exempt status.
Collectively, these documents and forms paint a comprehensive picture of an organization seeking tax-exempt status, helping the IRS assess eligibility and compliance with tax laws. Understanding and preparing these documents meticulously can significantly influence the success of an organization's application for tax-exempt status under section 501(a).
The IRS Form 1023 is closely related to the IRS 1024 form, primarily due to their shared goal in establishing tax-exempt status for organizations. While Form 1024 is used by various types of organizations seeking recognition under sections other than 501(c)(3) of the Internal Revenue Code, Form 1023 is specifically designed for organizations seeking 501(c)(3) status, typically encompassing charitable, religious, educational, or scientific organizations. Both forms require detailed information about the organization's structure, governance, financial data, and narrative descriptions of their activities, underscoring the comprehensive review process undertaken by the IRS to determine eligibility for tax exemption.
Another document similar to the IRS 1024 form is the IRS Form 1024-A, introduced to streamline the application process for specific types of organizations. This form is specifically for 501(c)(4) social welfare organizations, offering them a simpler and more direct way to apply for tax-exempt status. The introduction of Form 1024-A represented a significant departure from the one-size-fits-all approach previously applied with Form 1024, acknowledging the unique aspects of social welfare organizations and their activities. Both forms still require essential organizational details but are tailored to address the distinct regulatory requirements and operational frameworks that different organizations must navigate.
The IRS Form 990 is another document with similarities to the IRS 1024 form, despite serving different functions. Whereas the IRS 1024 form is focused on the application for tax-exempt status, Form 990 is an annual reporting return that certain exempt organizations must file. The connection lies in the detailed financial information and operational insights provided in both forms. Through Form 990, organizations disclose their ongoing compliance with the requirements that initially qualified them for exemption via Form 1024, such as income sources, expenditures, and adherence to their exempt purpose, maintaining transparency and accountability for their tax-exempt status.
IRS Form SS-4, the Application for Employer Identification Number (EIN), also shares a connection to the IRS 1024 form, albeit at a foundational stage in an organization's lifecycle. The EIN is a critical requirement for organizations, serving as a unique identification number with the IRS. While Form SS-4 is necessary for all entities engaging in financial activities, including opening bank accounts or hiring employees, it precedes the tax-exempt application process facilitated by the IRS 1024 form. Essentially, obtaining an EIN is one of the first steps an organization takes before it can apply for tax-exempt status, positioning Form SS-4 as a precursor document in the organizational establishment and recognition process.
The relationship between the IRS 1024 form and the IRS Form 8832, Entity Classification Election, highlights a strategic decision-making point for organizations concerning tax implications. Form 8832 allows entities to choose their classification for federal tax purposes, such as a corporation, partnership, or an entity disregarded as separate from its owner. This choice can significantly impact the tax treatment of the organization and its eligibility for certain statuses, including tax exemption. While IRS Form 1024 is concerned with the application for tax-exempt status, the election made on Form 8832 can determine the pathway and feasibility of achieving that status, linking the two in the broader context of tax planning and compliance strategies for organizations.
Filling out the IRS 1024 form is a critical step for organizations seeking tax-exempt status under various sections, other than those qualifying under section 501(c)(3). Below are essential do's and don'ts to keep in mind to ensure the process is completed effectively and accurately.
Do's when filling out the IRS 1024 form:
Don'ts when filling out the IRS 1024 form:
Approaching the IRS 1024 form with diligence and attention to detail will streamline the application process, enhancing your organization's chances of obtaining the desired tax-exempt status. When in doubt, professional advice can provide valuable guidance through the complexities of tax law and IRS procedures.
When discussing the IRS Form 1024, many misunderstand its nature, purpose, and the process involved. Here are nine common misconceptions addressed to provide clarity:
Only charitable organizations need to file Form 1024: While charitable organizations often use Form 1024, it's also required for other types of organizations seeking tax-exempt status, such as social welfare organizations, labor unions, and business leagues.
Filing Form 1024 automatically grants tax-exempt status: Submitting Form 1024 doesn't guarantee tax-exempt status. The IRS reviews each application to ensure it meets the criteria for exemption before granting approval.
Form 1024 is the same as Form 1023: Although Forms 1023 and 1024 are both used to apply for tax-exempt status, Form 1023 is specifically for charitable, religious, and educational organizations qualifying under section 501(c)(3), while Form 1024 is for other types of organizations.
The process is quick: The review process for Form 1024 can be lengthy, taking several months or even longer, depending on the complexity of the application and the current IRS workload.
There is no fee to file: There is often a misconception that submitting Form 1024 is free. However, there is a filing fee, which varies depending on the organization's gross receipts or assets.
Small organizations don't need to file: Some believe that small organizations, due to their size or income, aren't required to file Form 1024. In reality, any organization seeking tax-exempt status under sections other than 501(c)(3) may need to file Form 1024, regardless of size.
Approval is needed before operating: Organizations can operate as tax-exempt entities while their Form 1024 application is pending. However, they should be aware that if the application is eventually denied, they could be liable for back taxes.
Once approved, the status is permanent: Tax-exempt status requires ongoing compliance with IRS rules. Organizations must continue to operate in accordance with their stated exempt purpose and file the appropriate annual returns or notices. Failure to comply can result in revocation of tax-exempt status.
Amendments to the organization won't affect its status: Significant changes to an organization's structure, activities, or purposes can impact its tax-exempt status. In such cases, the IRS should be notified, and in some situations, a new application might be necessary.
Understanding these key points can demystify the application process for IRS Form 1024 and help organizations navigate the requirements more efficiently.
The IRS Form 1024 is crucial for organizations seeking tax-exempt status under sections other than 501(c)(3) of the Internal Revenue Code. Understanding and correctly completing this form is essential for compliance and to enjoy the benefits of tax-exempt status. Here are key takeaways about filling out and using the IRS Form 1024:
Successfully navigating the Form 1024 application process requires careful preparation, attention to detail, and an understanding of applicable tax laws. Following these key takeaways can help your organization effectively achieve and maintain its tax-exempt status.
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