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When Must Form 1023 Be Filed?

Non-profit organizations that want to receive tax-exempt status from the IRS need to file an application on Form 1023 first. Section 501(c)(3) of the Internal Revenue Code allows certain organizations that solely operate for a purpose that benefits the public at large, such as a religious or charitable institution, to be exempt from paying income taxes on the money they raise. There isn’t a limit on the amount of time an organization has to file Form 1023 with the IRS, but there are certainly benefits to applying for tax-exempt status sooner rather than later.

Qualifying As Tax-Exempt

A company that provides some public services during the year isn’t enough to qualify for tax-exempt status. Only organizations whose principal mission is to promote religion, charity, education, science, literacy, child and animal cruelty prevention and amateur nonprofit sporting events may be eligible. However, the IRS will automatically recognize tax-exempt status without receiving a Form 1023 for religious institutions, like a church or synagogue, as well as a few others. As a result, filing Form 1023 isn’t always necessary.

When to File Form 1023

The IRS doesn’t use a filing deadline for Form 1023. Instead, you can file the form for your organization whenever you want. If you file Form 1023 within two years and three months of the organization’s formation date and the IRS approves it, tax-exempt status applies retroactively to the formation date. If you file the application after the two years and three months, the tax-exempt status is only effective beginning with the Form 1023’s filing date, which is the envelope postmark date.

IRS Reviews Form 1023

After send the 1023 to the IRS, you should receive confirmation of receipt within 21 days. Provided you drafted full and complete answers to each question on the form and include a detailed description of your organization’s operations, the IRS will send you a letter advising of its decision and if an approval, the agency will also notify you as to whether the organizations will be classified as a charity or private foundation. In some cases, the IRS may request additional information for one or more of the questions on Form 1023 and assigns a specialist who you can contact. Under most circumstances, this type of response will delay the tax-exempt application.

Tax Deductible Donations

Once approved, your organization can begin accepting tax deductible donations. This is an effective way of maximizing your organization’s revenue since most donors prefer to make donations that can provide them with a charitable contribution deduction. And given the fierce competition among charitable organizations, your organizations will be at a disadvantage if it’s unable to hold itself out as a tax-exempt entity.

Reference: Instructions for IRS Form 1023