Who needs form 1024?
All nonprofit organizations are divided into 28 sections to simplify the application for recognition of exemption. There are some criteria that define section 501 (a) organizations:
the express purpose to promote the welfare of a certain group of people
the ability to lobby for political candidates and elections;
funding from public sources like governments and individuals;
the ability to incorporate as a partnership.
If your organization belongs to the section 501(a) fill out form 1024 under section 501(a).
What is form 1024 for?
Form 1024 under section 501 (a) serves to claim for the exemption from taxes for the organizations that fall under section 501 (a).
Is form 1024 accompanied by other forms?
Form 1024 under section 501(a) should be submitted alongside form 8718 which can be obtained from the IRS. If any additional attachments are required, they should be provided alongside organization identification information, EIN, court decisions, etc.
When is form 1024 due?
Generally, an organization should file form 1024 within 15 months after the end of the month the organization was founded. The application filed on time will be successfully processed by the IRS that will eventually confirm tax-exempt status of the organization.
How do I fill out form 1024?
Form 1024 under section 501(a) is a complex form that consists of four parts. They provide such information:
Besides these parts that are optional for each type of the organization, there are several schedules arranged in alphabetical order. Look through the form to learn the detailed instructions.
Where do I send form 1024?
The address where form 1024 should be sent is provided on form 8718.