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Printable Form Instructions 1023-EZ Wichita Falls Texas: What You Should Know
We also provide you with the specific steps and processes by which you may organize your application before you begin. In doing so, you can form a “true, limited liability corporation” that is tax-exempt and that can: • Continue to exist and provide services to its nonprofit members, but • Not be held accountable for the conduct of the members who comprise the corporation. • Operate as a for-profit business, but • Have its profits be exempt from tax under Section 501(c)(3) of the Internal Revenue Code, to the extent allowable. • Remain completely separate from its owners—that is, not be owned or controlled (directly or indirectly) by any of the owners—whether the owners own or control the corporation at all. • Have a single source of income and no more than twenty-1/2 percent of the stock of its members will be owned by nonmembers. If you decide to form a tax-exempt, 501(c)(3) organization that will operate as a business solely for the purpose of increasing or preserving the quality of its services, then you will need to develop an application that, after filing all federal, state, or local taxes, has a net worth of 200,000 or less and meets all the following guidelines: 1. An IRS 1023-EZ noncertifying application will not be accepted. 2. The organization must have a single source of annual income greater than or equal to 200,000 3. The income must be exempt from tax under Section 501(c)(3) of the Internal Revenue Code 4. All money held by the organization and the income received by the organization must be derived from the activities of the organization alone and not from the sale of business or property. 5. A nonprofit organization may be exempt from federal income taxes but may not be allowed to engage in prohibited conduct (other than certain illegal activity). 6. Any income earned during the tax year in excess of 100,000 must be reported on IRS federal Form 1040, Schedule N, Line 9. All other income must be reported on IRS IRS IRS Form 1040, Schedule Q. (Note: This application was designed for nonprofits with fewer than 50 staff officers or volunteers. We are very happy to answer any questions from any organization which meets these requirements.) Nonprofit Organizations Form 1023-EZ (Rev.
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