What form is required for 501c3 status?
To apply for IRS 501(c)(3) recognition, IRS Form 1023 must be completed and filed. With whom is Form 1023 filed? Form 1023 is filed with the Cincinnati Service Center of the Internal Revenue Service. What are the fees to file Form 1023? The IRS has a two-tiered filing fee structure. Most organizations pay the standard $750 filing fee when sending their application to the IRS. Organizations that expect to have (or have had) no more than $40,000 in gross revenue for the first four years combined can pay a reduced filing fee of $300. Is there a state application as well as federal? In most states, no. While a handful of states have a simple, one- or two-page form that must be prepared, California is the only state that requires a separate application process rivaling the one required by the IRS. In California, federal tax-exemption does not eliminate state income tax liability until approval is received from the California Franchise Tax Board. We can assist with the California filing. How
To apply for IRS 501(c)(3) recognition, IRS Form 1023 must be completed and filed. Click here for the IRS Link to Download Form 1023 Can anyone complete Form 1023? Technically, anyone can complete Form 1023. From a practical standpoint, it is usually advisable to enlist the help of a professional who specializes in the process, such as The Foundation Group. While the IRS rejects slightly less than 10% of applications filed, more than one-third are abandoned by the filer…usually out of frustration or inability to answer the IRS follow-up questions. Out of approximately 80,000 applications filed annually, nearly half never make it through the process. How long does it take for the IRS to approve 501c3 status? Typically, IRS 501(c)(3) approval takes between 2 and 12 months, inclusive of likely written follow-up questions. Sometimes it takes a little less; sometimes a little more. Expedited review can be requested if a new organization is being formed to provide immediate disaster relief o
IRS Form 1023 must be completed, filed and approved by the IRS. What agency is the 1023 filed with? The Internal Revenue Service. What are the fees to file Form 1023? The IRS has 2 fees. If your gross receipts average less than $10,000 over 4 years the fee is $300. If more than $10,000 over 4 years the fee is $750. (per IRS 1023, user fee information page 12 as of January 28, 2009) Do I have to file an application with my state? In most states a nonprofit must register as a charitable organization. California is the only state that requires the charitable organization to go through a separate application process. California has streamlined the process making it less arduous a task by simply requiring the charity to file the determination letter after the IRS has approved the 1023 application.(Source: California Franchise Tax board) How long does it take to complete Form 1023? Completing a 1023 is a team effort between our consultant and you.It can depend on how fast the client gets inf
