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Blank IRS 1024 PDF Form

The IRS Form 1024 is a crucial document used by organizations seeking recognition of their tax-exempt status under Section 501(a) of the Internal Revenue Code. This form allows entities to apply for exemption from federal income tax, ensuring compliance with IRS regulations. If you’re ready to navigate the application process, fill out the form by clicking the button below.

Article Guide

The IRS Form 1024 plays a crucial role for organizations seeking tax-exempt status under Section 501(c)(3) and other sections of the Internal Revenue Code. This form is primarily used by entities that wish to be recognized as tax-exempt by the IRS, allowing them to operate without the burden of federal income tax. Completing the form requires detailed information about the organization’s structure, purpose, and activities. Applicants must provide documentation that supports their claims of eligibility, including a narrative description of their programs and financial data. The process of submitting Form 1024 can be intricate, as it involves not only filling out the required sections accurately but also ensuring compliance with various IRS guidelines. Understanding the nuances of this form is essential for organizations aiming to establish themselves as legitimate non-profits, as it can significantly impact their operations and fundraising capabilities.

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The form you are looking for begins on the next page of this file. Before viewing it, please see the important update information below.

New Mailing Address

The mailing address for certain forms have change since the forms were last published. The new mailing address are shown below.

Mailing Address for Forms 1023, 1024, 1024-A, 1028, 5300, 5307, 5310, 5310-A, 5316, 8717, 8718, 8940:

Internal Revenue Service

TE/GE Stop 31A Team 105

P.O. Box 12192

Covington, KY 41012–0192

Deliveries by private delivery service (PDS) should be made to:

Internal Revenue Service

7940 Kentucky Drive

TE/GE Stop 31A Team 105

Florence, KY 41042

This update supplements these forms’ instructions. Filers should rely on this update for the change described, which will be incorporated into the next revision of the form’s instructions.

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Form 1024 (Rev. January 2018)

Department of the Treasury Internal Revenue Service

Application for Recognition of Exemption

Under Section 501(a)

Go to www.irs.gov/Form1024 for instructions and the latest information.

OMB No. 1545-0057

If exempt status is approved, this application will be open for public inspection.

Read the instructions for each Part carefully. A User Fee must be attached to this application.

If the required information and appropriate documents are not submitted along with Form 8718 (with payment of the

appropriate user fee), the application may be returned to the organization.

Complete the Procedural Checklist that follows the form.

Part I. Identification of Applicant Must be completed by all applicants; also complete appropriate schedule. Submit only the schedule that applies to your organization. Do not submit blank schedules.

Check the appropriate box below to indicate the section under which the organization is applying:

a Section 501(c)(2)—Title holding corporations (Schedule A)

b Reserved for future use

c	Section 501(c)(5)—Labor, agricultural, or horticultural organizations (Schedule C)

d Section 501(c)(6)—Business leagues, chambers of commerce, etc. (Schedule C)

e	Section 501(c)(7)—Social clubs (Schedule D)
f	Section 501(c)(8)—Fraternal beneficiary societies, etc., providing life, sick, accident, or other benefits to members (Schedule E)
g	Section 501(c)(9)—Voluntary employees’ beneficiary associations (Parts I through IV and Schedule F)
h	Section 501(c)(10)—Domestic fraternal societies, orders, etc., not providing life, sick, accident, or other benefits (Schedule E)
i	Section 501(c)(12)—Benevolent life insurance associations, mutual ditch or irrigation companies, mutual or cooperative telephone
	companies, or like organizations (Schedule G)

j Section 501(c)(13)—Cemeteries, crematoria, and like corporations (Schedule H)

k	Section 501(c)(15)—Mutual insurance companies or associations, other than life or marine (Schedule I)
l	Section 501(c)(17)—Trusts providing for the payment of supplemental unemployment compensation benefits (Parts I through IV and Schedule J)
m	Section 501(c)(19)—A post, organization, auxiliary unit, etc., of past or present members of the Armed Forces of the United States (Schedule K)
n	Section 501(c)(25)—Title holding corporations or trusts (Schedule A)

1a	Full name of organization (as shown in organizing document)			2 Employer identification number (EIN) (if
					none, see Specific Instructions)

1b c/o Name (if applicable)				3 Name and telephone number of person to be
					contacted if additional information is needed

1c	Address (number and street)		Room/Suite

1d	City, town or post office, state, and ZIP + 4. If you have a foreign address, see Specific
	Instructions for Part I.
				(	)
1e	Web site address	4 Month the annual accounting period ends		5 Date incorporated or formed

6Did the organization previously apply for recognition of exemption under this Code section or under any other section of the Code? If “Yes,” attach an explanation.

Yes

7 Has the organization filed Federal income tax returns or exempt organization information returns? . . . . . . . .

If “Yes,” state the form numbers, years filed, and Internal Revenue office where filed.

Yes

8Check the box for the type of organization. ATTACH A CONFORMED COPY OF THE CORRESPONDING ORGANIZING DOCUMENTS TO THE APPLICATION BEFORE MAILING.

a	Corporation—	Attach a copy of the Articles of Incorporation (including amendments and restatements) showing approval by the
		appropriate state official; also attach a copy of the bylaws.
b	Trust—	Attach a copy of the Trust Indenture or Agreement, including all appropriate signatures and dates.
c	Association—	Attach a copy of the Articles of Association, Constitution, or other creating document, with a declaration (see instructions)
		or other evidence that the organization was formed by adoption of the document by more than one person. Also include a
		copy of the bylaws.

If this is a corporation or an unincorporated association that has not yet adopted bylaws, check here . . . . . . . .

I declare under the penalties of perjury that I am authorized to sign this application on behalf of the above organization, and that I have examined this application, including the accompanying schedules and attachments, and to the best of my knowledge it is true, correct, and complete.

PLEASE	F
SIGN
HERE		(Signature)

For Paperwork Reduction Act Notice, see instructions.

(Type or print name and title or authority of signer)	(Date)
Catalog No. 12343K	Form 1024 (Rev. 1-2018)

Form 1024 (Rev. 1-2018)

Page 2

Part II. Activities and Operational Information (Must be completed by all applicants)

1Provide a detailed narrative description of all the activities of the organization—past, present, and planned. Do not merely refer to or repeat the language in the organizational document. List each activity separately in the order of importance based on the relative time and other resources devoted to the activity. Indicate the percentage of time for each activity. Each description should include, as a minimum, the following: (a) a detailed description of the activity including its purpose and how each activity furthers your exempt purpose; (b) when the activity was or will be initiated; and (c) where and by whom the activity will be conducted.

2List the organization’s present and future sources of financial support, beginning with the largest source first.

Form 1024 (Rev. 1-2018)

Page 3

Part II. Activities and Operational Information (continued)

3Give the following information about the organization’s governing body:

a Names, addresses, and titles of officers, directors, trustees, etc.

bAnnual compensation

4If the organization is the outgrowth or continuation of any form of predecessor, state the name of each predecessor, the period during which it was in existence, and the reasons for its termination. Submit copies of all papers by which any transfer of assets was effected.

5If the applicant organization is now, or plans to be, connected in any way with any other organization, describe the other organization and explain the relationship (for example, financial support on a continuing basis; shared facilities or employees; same officers, directors, or trustees).

6If the organization has capital stock issued and outstanding, state: (1) class or classes of the stock; (2) number and par value of the shares;

(3) consideration for which they were issued; and (4) if any dividends have been paid or whether your organization’s creating instrument authorizes dividend payments on any class of capital stock.

7State the qualifications necessary for membership in the organization; the classes of membership (with the number of members in each class); and the voting rights and privileges received. If any group or class of persons is required to join, describe the requirement and explain the relationship between those members and members who join voluntarily. Submit copies of any membership solicitation material. Attach sample copies of all types of membership certificates issued.

8Explain how your organization’s assets will be distributed on dissolution.

Form 1024 (Rev. 1-2018)

Page 4

Part II. Activities and Operational Information (continued)

9Has the organization made or does it plan to make any distribution of its property or surplus funds to shareholders or

members? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If “Yes,” state the full details, including: (1) amounts or value; (2) source of funds or property distributed or to be distributed; and (3) basis of, and authority for, distribution or planned distribution.

Yes

10Does, or will, any part of your organization’s receipts represent payments for services performed or to be performed? . If “Yes,” state in detail the amount received and the character of the services performed or to be performed.

Yes

11Has the organization made, or does it plan to make, any payments to members or shareholders for services performed or

to be performed? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If “Yes,” state in detail the amount paid, the character of the services, and to whom the payments have been, or will be, made.

Yes

12Does the organization have any arrangement to provide insurance for members, their dependents, or others (including

provisions for the payment of sick or death benefits, pensions, or annuities)? . . . . . . . . . . . . .

If “Yes,” describe and explain the arrangement’s eligibility rules and attach a sample copy of each plan document and each type of policy issued.

Yes

13Is the organization under the supervisory jurisdiction of any public regulatory body, such as a social welfare agency, etc.? If “Yes,” submit copies of all administrative opinions or court decisions regarding this supervision, as well as copies of applications or requests for the opinions or decisions.

Yes

14 Does the organization now lease or does it plan to lease any property? . . . . . . . . . . . . . . .

If “Yes,” explain in detail. Include the amount of rent, a description of the property, and any relationship between the applicant organization and the other party. Also, attach a copy of any rental or lease agreement. (If the organization is a party, as a lessor, to multiple leases of rental real property under similar lease agreements, please attach a single representative copy of the leases.)

Yes

15Has the organization spent or does it plan to spend any money attempting to influence the selection, nomination, election,

or appointment of any person to any federal, state, or local public office or to an office in a political organization? . . If “Yes,” explain in detail and list the amounts spent or to be spent in each case.

Yes

16 Does the organization publish pamphlets, brochures, newsletters, journals, or similar printed material? . . . . .

If “Yes,” attach a recent copy of each.

Yes

Form 1024 (Rev. 1-2018)

Form 1024 (Rev. 1-2018)	Page 5
Part III. Financial Data (Must be completed by all applicants)

Complete the financial statements for the current year and for each of the 3 years immediately before it. If in existence less than 4 years, complete the statements for each year in existence. If in existence less than 1 year, also provide proposed budgets for the 2 years following the current year.

A. Statement of Revenue and Expenses

	Revenue
1	Gross dues and assessments of members . . .
2	Gross contributions, gifts, etc

3Gross amounts derived from activities related to the organization’s exempt purpose (attach schedule)

(Include related cost of sales on line 9.) . . . .

4Gross amounts from unrelated business activities (attach schedule)

5 Gain from sale of assets, excluding inventory items

	(attach schedule)	. . . . . . . . . .
6	Investment income (see instructions)
7	Other revenue (attach schedule)

8Total revenue (add lines 1 through 7) . . . . .

Expenses

9Expenses attributable to activities related to the organization’s exempt purposes . . . . . .

10Expenses attributable to unrelated business activities

11Contributions, gifts, grants, and similar amounts paid

(attach schedule)

. . . . . . . . . .

12Disbursements to or for the benefit of members (attach schedule)

13Compensation of officers, directors, and trustees (attach schedule)

14	Other salaries and wages
15	Interest
16	Occupancy
17	Depreciation and depletion	. . . . . . .
18	Other expenses (attach schedule)

19Total expenses (add lines 9 through 18) . . . .

20Excess of revenue over expenses (line 8 minus

line 19) . . . . . . . . . . . . .

(a) Current Tax Year	3 Prior Tax Years or Proposed Budget for Next 2 Years
From
	(b)	(c)	(d)
To

(e)Total

B. Balance Sheet (at the end of the period shown)

			Current Tax Year
		Assets	as of
1	Cash		1
2	Accounts receivable, net		2
3	Inventories		3
4	Bonds and notes receivable (attach schedule)		4
5	Corporate stocks (attach schedule)		5
6	Mortgage loans (attach schedule)		6
7	Other investments (attach schedule)		7
8	Depreciable and depletable assets (attach schedule)		8
9	Land		9
10	Other assets (attach schedule)	. . . . . . . . . . . . . . . . . . . . . . . . . .	10
11	Total assets		11
12		Liabilities	12
12	Accounts payable		12
13	Contributions, gifts, grants, etc., payable		13
14	Mortgages and notes payable (attach schedule)		14
15	Other liabilities (attach schedule)		15
16	Total liabilities		16
17		Fund Balances or Net Assets	17
17	Total fund balances or net assets		17
18	Total liabilities and fund balances or net assets (add line 16 and line 17)		18

If there has been any substantial change in any aspect of the organization’s financial activities since the end of the period shown above, check the box and attach a detailed explanation . . . . . . . . . . . . . . . . . . . . . . . . . .

Form 1024 (Rev. 1-2018)

Are you filing Form 1024 within 15 months from the end of the month in which the organization was created or formed as required by section 505(c)? . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If “Yes,” skip the rest of this part.

If “No,” answer question 2.

2 If you answer “No” to question 1, are you filing Form 1024 within 27 months from the end of the month in which the organization was created or formed? . . . . . . . . . . . . . . . . . . . . . . . . . .

If “Yes,” your organization qualifies under Regulations section 301.9100-2 for an automatic 12-month extension of the 15-month filing requirement. Do not answer questions 3 and 4.

If “No,” answer question 3.

3 If you answer “No” to question 2, does the organization wish to request an extension of time to apply under the “reasonable action and good faith” and the “no prejudice to the interest of the government” requirements of Regulations section 301.9100-3? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 501(c)(9) and 501(c)(17) organizations:

Form 1024 (Rev. 1-2018)

Part IV. Notice Requirements (Sections 501(c)(9) and 501(c)(17) Organizations Only)

Page 6

Yes

If “Yes,” give the reasons for not filing this application within the 27-month period described in question 2. See Specific Instructions, Part IV, Line 3, before completing this item. Do not answer question 4.

If “No,” answer question 4.

4If you answer “No” to question 3, your organization’s qualification as a section 501(c)(9) or 501(c)(17) organization can be recognized only from the date this application is filed. Therefore, does the organization want us to consider its application as a request for recognition of exemption as a section 501(c)(9) or 501(c)(17) organization from the date the application is received and not retroactively to the date the organization was created or formed? . . . . . . . . . . . .

Yes

Form 1024 (Rev. 1-2018)

Page 7

Schedule A Organizations described in section 501(c)(2) or 501(c)(25) (Title-holding corporations or trusts)

1State the complete name, address, and EIN of each organization for which title to property is held and the number and type of the applicant organization’s stock held by each organization.

2If the annual excess of revenue over expenses has not been or will not be turned over to the organization for which title to property is held, state the purpose for which the excess is or will be retained by the title holding organization.

3In the case of a corporation described in section 501(c)(2), state the purpose of the organization for which title to property is held (as shown in its governing instrument) and the Code sections under which it is classified as exempt from tax. If the organization has received a determination or ruling letter recognizing it as exempt from taxation, please attach a copy of the letter.

4In the case of a corporation or trust described in section 501(c)(25), state the basis whereby each shareholder is described in section 501(c)(25)(C). For each organization described that has received a determination or ruling letter recognizing that organization as exempt from taxation, please attach a copy of the letter.

5With respect to the activities of the organization.

a Is any rent received attributable to personal property leased with real property? . . . . . . . . . . . .

If “Yes,” what percentage of the total rent, as reported on the financial statements in Part III, is attributable to personal property?

bWill the organization receive income which is incidentally derived from the holding of real property, such as income

from operation of a parking lot or from vending machines? . . . . . . . . . . . . . . . . . .

If “Yes,” what percentage of the organization’s gross income, as reported on the financial statements in Part III, is incidentally derived from the holding of real property?

cWill the organization receive income other than rent from real property or personal property leased with real property or income which is incidentally derived from the holding of real property? . . . . . . . . . . . . . .

If “Yes,” describe the source of the income.

Yes

Instructions

Line 1.—Provide the requested information on each organization for which the applicant organization holds title to property. Also indicate the number and types of shares of the applicant organization’s stock that are held by each.

Line 2.—For purposes of this question, “excess of revenue over expenses” is all of the organization’s income for a particular tax year less operating expenses.

Line 3.—Give the exempt purpose of each organization that is the basis for its exempt status and the Internal Revenue Code section that

describes the organization (as shown in its IRS determination letter).

Line 4.—Indicate if the shareholder is one of the following.

1.A qualified pension, profit-sharing, or stock bonus plan that meets the requirements of the Code;

2.A government plan;

3.An organization described in section 501(c)(3); or

4.An organization described in section 501(c)(25).

Form 1024 (Rev. 1-2018)

Page 8

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Form Specifications

Fact Name	Description
Purpose	The IRS Form 1024 is used to apply for recognition of exemption from federal income tax under section 501(a) for certain organizations.
Eligibility	Organizations that may use this form include those seeking tax-exempt status as a charitable, religious, or educational entity.
Filing Deadline	There is no specific deadline for filing Form 1024, but it is recommended to submit it within 27 months of formation to avoid penalties.
State-Specific Forms	Some states require additional forms for tax-exempt status. Check your state’s governing laws, such as California Corporations Code Section 5110.

IRS 1024: Usage Guidelines

Filling out the IRS Form 1024 is a crucial step for organizations seeking tax-exempt status. Once the form is completed, it must be submitted to the IRS along with the required documentation. Below are the steps to ensure the form is filled out correctly and efficiently.

Begin by downloading the IRS Form 1024 from the official IRS website or obtain a physical copy.
Read the instructions carefully to understand the requirements for your specific organization.
Fill in your organization's legal name in the designated field at the top of the form.
Provide your organization's mailing address, including city, state, and ZIP code.
Indicate the date of incorporation or formation of your organization.
Describe the purpose of your organization in detail, making sure to highlight its activities.
Complete the section regarding your organization's structure, indicating whether it is a corporation, trust, or unincorporated association.
List the names and addresses of the current officers, directors, or trustees of the organization.
Include information about any related organizations, if applicable.
Answer all questions in the form, ensuring that you provide accurate and complete information.
Review the form for any errors or omissions before signing it.
Prepare any additional documentation required to support your application, such as bylaws or articles of incorporation.
Submit the completed Form 1024 and supporting documents to the IRS at the address specified in the instructions.

After submission, the IRS will review your application and may request additional information. Be prepared to respond promptly to any inquiries to facilitate the process.

Your Questions, Answered

What is the IRS Form 1024?

The IRS Form 1024 is used to apply for recognition of exemption from federal income tax under Section 501(a) of the Internal Revenue Code. This form is typically filed by organizations seeking to be recognized as tax-exempt under Section 501(c)(4) or other similar sections. It is an essential step for organizations that wish to operate without paying federal income tax on the money they receive for their charitable or social welfare activities.

Who needs to file Form 1024?

Organizations that are looking to be recognized as tax-exempt under Section 501(c)(4) should file Form 1024. This includes social welfare organizations, civic leagues, and local associations of employees. If your organization is formed for the promotion of social welfare and operates primarily for that purpose, you will likely need to complete this form.

What information is required on Form 1024?

Form 1024 requires detailed information about your organization. You will need to provide its name, address, and the date of formation. Additionally, you must describe your organization's purpose, activities, and how it plans to achieve its goals. Financial information, including a proposed budget and details about funding sources, is also necessary.

How long does it take to process Form 1024?

The processing time for Form 1024 can vary. Generally, it takes the IRS several months to review and respond to applications. Some organizations report waiting anywhere from three to six months, but it can take longer in certain circumstances. It’s important to plan accordingly and follow up with the IRS if you have not received a response within that time frame.

Is there a filing fee for Form 1024?

Yes, there is a filing fee associated with Form 1024. The fee varies depending on the type of organization and the specific exemption being sought. It's crucial to check the IRS website or the instructions for Form 1024 to determine the current fee and ensure you include the correct payment with your application.

Can I apply for tax-exempt status without filing Form 1024?

In most cases, no. If your organization is seeking recognition under Section 501(c)(4), you must file Form 1024. However, some organizations may qualify for simpler processes or different forms, depending on their structure and activities. Always verify the specific requirements for your organization type.

What happens after I submit Form 1024?

After you submit Form 1024, the IRS will review your application. If additional information is needed, they may contact you. Once the review is complete, you will receive a determination letter indicating whether your organization has been granted tax-exempt status. If approved, you can operate as a tax-exempt entity, while if denied, the letter will explain the reasons for the denial.

Can I appeal if my Form 1024 is denied?

Yes, if your application for tax-exempt status is denied, you have the right to appeal the decision. The denial letter will provide instructions on how to proceed with the appeal process. It’s essential to address the reasons for the denial thoroughly and provide any additional information that may strengthen your case.

Are there ongoing requirements after receiving tax-exempt status?

Yes, once your organization is granted tax-exempt status, you must comply with certain ongoing requirements. This includes filing annual information returns, such as Form 990, and ensuring that your organization continues to operate within the guidelines set forth by the IRS. Failing to meet these requirements can jeopardize your tax-exempt status.

Where can I find more information about Form 1024?

You can find more information about Form 1024 on the IRS website. There, you will find the form itself, instructions for completing it, and additional resources related to tax-exempt organizations. Consulting the IRS website is a great way to ensure you have the most up-to-date information and guidance.

Common mistakes

Incomplete Information: Many individuals forget to fill out all required sections of the form. Each section is crucial for the IRS to understand the purpose of your application.
Incorrect Entity Type: Selecting the wrong type of entity can lead to delays. Make sure you choose the correct category that matches your organization’s structure.
Missing Signatures: Failing to sign the form is a common oversight. Remember, your signature is essential to validate the application.
Not Including Required Attachments: Supporting documents are vital. Ensure you include everything that the IRS requests to avoid processing delays.
Incorrect Tax Year: Entering the wrong tax year can cause confusion. Double-check that you are applying for the correct year.
Omitting the Purpose of the Organization: Clearly stating your organization’s purpose is key. If this section is vague, it may lead to rejection.
Failure to Provide Financial Information: Many forget to include financial statements or budgets. This information is necessary for the IRS to assess your application.
Ignoring the Instructions: Each form comes with specific instructions. Skipping these can result in errors that could have been easily avoided.
Not Keeping Copies: Failing to make copies of the submitted form can lead to issues later. Always keep a record for your files.
Missing Deadlines: Submitting the form late can hinder your organization’s status. Be aware of all deadlines and plan accordingly.

Documents used along the form

The IRS Form 1024 is essential for organizations seeking recognition of their tax-exempt status under Section 501(c)(3) or other sections of the Internal Revenue Code. However, there are several other forms and documents that often accompany this application. Below is a list of these important documents, each serving a unique purpose in the process of establishing and maintaining tax-exempt status.

IRS Form 1023: This form is used by organizations seeking 501(c)(3) status specifically. It provides detailed information about the organization's structure, governance, and programs to demonstrate eligibility for tax exemption.
Bylaws: Bylaws are the governing documents of an organization. They outline how the organization will operate, including the roles of directors and officers, meeting procedures, and membership requirements.
Articles of Incorporation: This document establishes the existence of a corporation in the eyes of the state. It includes basic information such as the organization's name, purpose, and structure, and is often required for tax-exempt status.
Conflict of Interest Policy: This policy helps ensure that decisions made by the organization are in the best interest of the organization and not influenced by personal interests. It is often required for tax-exempt organizations to maintain transparency and accountability.
Financial Statements: These documents provide a snapshot of the organization’s financial health. They typically include balance sheets, income statements, and cash flow statements, which help demonstrate the organization’s financial viability to the IRS.
Employer Identification Number (EIN): This unique number is assigned by the IRS to identify a business entity. It is necessary for tax purposes and is often required when applying for tax-exempt status.

Each of these documents plays a critical role in the application process for tax-exempt status. Properly preparing and submitting these forms can significantly enhance an organization's chances of receiving approval from the IRS. Being thorough and organized will help ensure a smoother application experience.

Similar forms

The IRS Form 1024 is used to apply for recognition of exemption from federal income tax under Section 501(a) of the Internal Revenue Code. Several other forms and documents serve similar purposes in different contexts. Here’s a list of ten documents that share similarities with Form 1024:

IRS Form 1023: This form is used by organizations seeking tax-exempt status under Section 501(c)(3). Like Form 1024, it requires detailed information about the organization’s structure and activities.
IRS Form 990: Nonprofits use this annual information return to report their financial activities. It is similar to Form 1024 in that it provides transparency and accountability for tax-exempt organizations.
IRS Form 501(c)(4): This document is for organizations that wish to be recognized as social welfare organizations. It requires similar information regarding the organization’s purpose and activities.
IRS Form 1024-A: This form is a specific application for certain organizations, like employee benefit associations. It shares the same purpose of seeking tax-exempt status.
IRS Form 1022: Used for applying for tax exemption for certain insurance companies, this form requires detailed information akin to that in Form 1024.
IRS Form 8868: This application for an extension of time to file an exempt organization return is similar in that it relates to the compliance and reporting obligations of tax-exempt organizations.
IRS Form 990-EZ: A shorter version of Form 990 for smaller organizations, it still requires reporting on finances and activities, similar to the information required in Form 1024.
IRS Form 5500: This form is for employee benefit plans and requires reporting on plan finances. It shares the purpose of providing transparency about financial activities.
IRS Form 2848: This power of attorney form allows an organization to designate someone to act on its behalf with the IRS. It is related to the processes involved in managing tax-exempt status.
IRS Form 8862: This form is used to claim the Earned Income Credit after it has been disallowed. While its purpose differs, it involves re-establishing eligibility similar to how Form 1024 establishes tax-exempt status.

Dos and Don'ts

Filling out the IRS Form 1024 can be a crucial step in seeking tax-exempt status for your organization. To ensure a smooth process, here are some important dos and don’ts to keep in mind.

Do read the instructions carefully before starting the form.
Do provide complete and accurate information.
Do attach all required supporting documents.
Do check for any updates to the form or requirements.
Do keep a copy of the completed form for your records.

Don't rush through the application process.
Don't leave any questions unanswered; this can delay processing.
Don't forget to sign and date the form before submission.
Don't assume that your organization qualifies without thorough research.

By following these guidelines, you can enhance your chances of a successful application. Remember, attention to detail is key when dealing with tax matters.

Misconceptions

The IRS Form 1024 is an important document for organizations seeking tax-exempt status under Section 501(c)(3) and other sections of the Internal Revenue Code. However, several misconceptions surround this form. Here are six common misunderstandings:

Form 1024 is only for charitable organizations. Many believe that this form is exclusively for charities. In reality, it is applicable to a variety of organizations, including social clubs, labor unions, and business leagues.
Submitting Form 1024 guarantees tax-exempt status. Some assume that filling out this form automatically results in tax exemption. However, the IRS reviews each application carefully and may deny the request based on various factors.
Form 1024 can be submitted at any time. There is a misconception that timing is flexible. In fact, organizations should file the form within a specific timeframe to ensure they receive tax-exempt status retroactively.
All information on Form 1024 is confidential. While certain details are protected, some information may be public record. This includes the organization's name, address, and the nature of its activities.
Only large organizations need to file Form 1024. Many believe that only large entities need to worry about this form. However, even small organizations with specific purposes must file if they seek tax-exempt status.
Once approved, tax-exempt status is permanent. Some think that obtaining tax-exempt status is a one-time event. In truth, organizations must maintain compliance with IRS regulations to keep their status.

Understanding these misconceptions can help organizations navigate the application process more effectively and avoid potential pitfalls. Accurate information is crucial for ensuring compliance and achieving the desired tax-exempt status.

Key takeaways

The IRS Form 1024 is essential for organizations seeking tax-exempt status under Section 501(a). Here are some key takeaways for filling out and using this form:

Understand the purpose: Form 1024 is used to apply for recognition of exemption from federal income tax.
Gather necessary information: Collect details about your organization, including its structure, purpose, and activities.
Complete all sections: Ensure that every part of the form is filled out accurately to avoid delays in processing.
Include required attachments: Supporting documents, such as articles of incorporation and bylaws, must accompany the form.
Pay the correct fee: A user fee is required when submitting Form 1024. Check the IRS website for the current fee schedule.
File on time: Submit the form promptly to avoid missing deadlines that could affect your organization's tax-exempt status.
Keep copies: Retain a copy of the completed form and all attachments for your records after submission.