704.839.2321

ExpressTaxExempt Blog

Thursday, November 19, 2015

A Form 1023 Thanksgiving

The most common tradition for the Thanksgiving holiday is probably being around family and friends. While some of you may not have to travel too far, the rest of you might have to cross a great distance to be near those dear to your hearts. 

Whether you’re visiting for just a day, or you’re having one of those ol’ school, 5-day family get-togethers, you’re most likely planning out things before you take your trip, things like what dish you may have offered to bring, or things necessary for overnight stays. The point is that you’re preparing beforehand rather than just showing up with nothing at all.

Much like preparing for a trip, you can’t just dive-in head first to fill out a Form 1023 for tax exemption. You should have your organization’s records in order or else you’ll find yourself losing time going back and forth trying to find the correct information. Even if you do have your records organized, understand that you may still need to consult a tax professional when presenting your organization for tax exemption.

Imagine your mother’s or grandmother’s world famous turkey stuffing, if you can. Even though you brought all the ingredients for it, you probably still need her help to make it as tasty as you remember. But you still have everything to at least get started. With the Form 1023, the following documents are needed before you even begin to properly start the form:

What is Required to File Form 1023
  • Employer Identification Number (EIN)
  • Organizing Document (Article of Incorporation, Trust Agreement, or Articles of Association, Constitution, Bylaws or Other Similar Organizing Documents
  • Section 501(c)(3) Purpose and Dissolution Clause Verification (Included in Organizing Document)
  • Form 2848, Authorized Representative Verification (if applicable)
  • Form 8821, Tax Information Authorization

Your EIN is used to identify a business entity, and it’s also known as a Federal Tax Identification Number. You can apply for an EIN online through the IRS website, but they stress having your organization legally formed before doing so. The Organizing Document states what your organization is, and establishes the purpose and how your organization works. To make it simple, your organization should be fully established before filing for tax-exemption.

If you have a tax professional, or a lawyer, whom you would like to represent on behalf of your organization to the IRS, an Authorized Representative Verification form is needed. If not, then it isn’t necessary. The Tax Information Authorization form grants permission for any individual, corporation, firm, organization, or partnership of your choosing to receive and inspect confidential tax information about your organization; this form is required under any circumstances. If you don’t have the information to complete that part, you won’t even qualify to complete a Form 1023.

It pays to be prepared whether you’re applying for tax-exempt status, or going to visit family for Thanksgiving. With ExpressTaxExempt, you can use our unique, streamlined e-filing features to complete a Form 1023. Once you’ve successfully filled out the application, you can print out your completed form and mail it to the IRS.

Our support team is thankful to be able to provide you with any assistance in regard to filing for tax-exemption or e-filing any one of our supported forms for exempt organizations. Feel free to give us a call Monday through Friday from 9 a.m. to 6 p.m. at (704) 839-2321. You can also email us 24/7 at support@expresstaxexempt.com, or chat with us at www.expresstaxexempt.com.






No comments:

Post a Comment

Need Further Help? Contact Us

Our live support specialists in Rock Hill, SC are always ready to offer professional service and assistance.

704.839.2321

Frequently Asked Questions

Find answers related to e-filing IRS Form 990, 990-EZ, 990-PF, 990-N (e-Postcard), Form 1120-POL and Extension Form 8868 with our Frequently Asked Questions.

Learn More

Start Now

Start now to e-file an exempt organization returns or file for a extension with ExpressTaxExempt.

Start Now