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Printable Form Instructions 1023-EZ Sacramento California: What You Should Know

Form 1023-EZ: Read the Instructions You can start your nonprofit organization in California and receive tax-exempt status in 10 years (9 years if your California residence is outside the state). You'll need to file IRS Form 1023-EZ for an exempt organization. If you don't make required contributions to your local nonprofit on time, you can get a penalty tax. In other words, you can lose about 20% of your first 3 years of operating a nonprofit if you fail to do the following: Give 10% of your net income each year to your local nonprofit. Provide at least 3% of your gross revenue each year to your local nonprofit. Reign from time to time as an independent director or trustee for the local nonprofit in a role that involves decisions concerning the organizational or fiscal interests of the local nonprofit. Who Must File a Form 1023-EZ? Local chapters of federal, state, and foreign tax-exempt 501(c)(3) and 501(c)(4) organizations that meet certain standards (these standards are set forth below) must file federal Form 1023-EZ, Application for a Recognition as a Tax-Exempt Organization, with their local IRS tax authority. The requirements for an organization to be recognized as a tax-exempt organization under Section 501(c)(3) can be found in Section 501 (c)(3) of Internal Revenue Code, Part 501, Subtitle G: Tax-Exempt Organizations. Organizations must meet the following requirements in order to be recognized as a tax-exempt organization under Section 501(c)(3) of the Code: Organization must be a non-profit trade or business organized for a charitable, religious or scientific purpose. All contributions to the organization must be made (1) with the intention of inducing the organization to make such contributions, and (2) in such quantity and manner that the organization can reasonably expect to receive and distribute at least 90% of the total value of all contributions from such contributions. Membership in any society, club or association, regardless of its name, whose objective is to educate or promote the general welfare (except societies, clubs, associations or similar organizations, whose object is to promote social welfare). Membership in a social welfare network, unless the network's stated purposes are the promotion of social welfare or individual achievement.

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