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This template is a tax declaration of the U.S. Internal Revenue Service. The document is an Application of Recognition of Exemption under section 501(c) (3) of the IRC.
What Is Form 1023 Used For?
The document is necessary to be filed by non-profit organizations in case they want to be exempted from payment of taxes.
When Does Form 1023 Need to Be Filed?
If an organization wants to apply for tax-free status, this doc has to be submitted. Note that the applicant is required to prthe following information:
- Date the organization gained official status
- Entity’s structure
- Organizing documentation (articles of association, trust agreement, etc.)
- Compensation paid to the entity’s employees, directors, independent contractors, and trustees
- Other individuals that receive benefits
- Entity’s history
- Specific types of activities
- Financial information
When Is Form 1023 Due?
The doc should be filed within 15 months of the institution’s establishment. However, certain circumstances may serve as a foundation for extending the period up to 27 months.
Where To File Form 1023?
Filling out this tax blank is not an easy task. Therefore, first, make sure to start with reading the instructions carefully. As of January 31, 2020, the International Revenue Service requires the document to be filled out and submitted through Pay.gov. However, paper versions will also be accepted within the first 90 days of the new change.