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IRS Tax Tips August 14, 2023
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Issue Number: Tax Tip 2023-100
*Information for organizations applying for tax-exempt status*
Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals.
Organizations that want to apply for recognition of tax-exempt status under IRC 501(c)(3) will complete and file a Form 1023-series application [ [link removed] ].
The application process [ [link removed] ] on IRS.gov includes a step-by-step guide explaining how to apply for tax-exempt status.
*Here are some key things to know about this process*.
* Form 1023-series applications for recognition of exemption must be submitted electronically online at Pay.gov [ [link removed] ]. The application must be complete and include the user fee.
* Some types of organizations don't need to apply for Section 501(c)(3) status to be tax exempt. These include churches and their integrated auxiliaries [ [link removed] ], and public charities with annual gross receipts normally no more than $5,000.
* Every tax-exempt organization needs an employer identification number (EIN), *even if they don't have any employees*. An EIN is a nine-digit number the IRS assigns for tax filing and reporting purposes. An organization must include their EIN on the application. Organizations can apply for an EIN online [ [link removed] ].
* The effective date of an organization's tax-exempt status depends on their approved Form 1023. If they submit this form within 27 months after the month they legally formed, the effective date of the organization's exempt status is the legal date of its formation. If an organization doesn't submit this form within those 27 months, the effective date of its exempt status is the date it files Form 1023.
* An organization that qualifies for tax-exempt status under IRC 501(c)(3) will be classified as a private foundation unless the organization meets the requirements to be treated as a public charity [ [link removed] ].
* A charitable organization must make certain documents available to the public. These include its approved application for recognition of exemption with all supporting documents and its last three annual information returns. See Publication 557, Tax Exempt Status For Your Organization [ [link removed] ] for additional information on public inspection requirements.
*More information*:
Applying for exemption - Frequently asked questions [ [link removed] ]
Form 1023 - Frequently asked questions [ [link removed] ]
Webinar: File Error-Free Form 1023-EZ Webinar [ [link removed] ]
StayExempt - Tax basics for exempt organizations [ [link removed] ]
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