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Form Instructions 1023-EZ for Tallahassee Florida: What You Should Know
January 2018). The purpose of the Streamlined Application for Recognition of Exemption is to encourage organizations that are not for profit or that do not have significant net assets, to seek recognition of exempt status from the government via the filing of Form 1023-EZ. The filing of a Form 1023-EZ with the Internal Revenue Service (IRS) allows nonprofit organizations that qualify to receive recognition of exemption from federal income tax under section 501(c)(3), which is the section that relates to tax-exempt organizations except public charities. Public charity status is not an appropriate tax status for individuals that receive income solely from a private foundation, nonprofit corporation, or other organization. Form 1023-EZ requires two-parts: Form 1023 (to qualify), and the IRS Form 1023e-Z (to file to seek recognition of your tax-exempt status). Both Forms 1023 are due to the IRS on the third day after you begin your non-profit operation. To apply for recognition of tax-exempt status under Section 501(c)(3), organizations must follow these four steps: You must file a Form 1023 for recognition of your tax-exempt status. If your organization qualifies for tax exemption by filing Form 1023, the IRS will send you a Notice of Assessment of the tax-exempt status of your organization which you must file in accordance with section 6701 of the Internal Revenue Code. A taxpayer may file for recognition of tax status only in a state, city, or town where the taxpayer is incorporated. Therefore, you must seek recognition based on the IRS Form 1023, which is called the Federal Organization Identification Number of the nonprofit organization, not your state's or municipal code, or by form of incorporation as defined in section 530. What is included with “Nonprofit” The term “Nonprofit” means a nonprofit organization or any person formed by and for the benefit of a nonprofit organization. The term “nonprofit organization” includes the following organizations. Income tax-exempt organization: A corporation, trust, estate, or similar entity that has been established (or any person organized or existing under any power of attorney under a constitution or bylaws which purports to create or create liabilities) as an exempt person, or which is otherwise recognized as an exempt organization by a state, or that has filed an assessment for tax exemption, and that meets all requirements for maintaining its status in an exempt organization.
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