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IRS Form 1023 Tax Preparation Guide / Edition 1

IRS Form 1023 Tax Preparation Guide / Edition 1

by Jody Blazek


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IRS Form 1023 Tax Preparation Guide / Edition 1

Line-by-line tips and instructions to successfully file Form1023

IRS Form 1023 Tax Preparation Guide provides comprehensiveinstructions for completing and filing the new and significantlyrevised Form 1023 (Application for Recognition of Exemption underSection 501(c)(3) of the Internal Revenue Code).

Nonprofit organizations—including health and human serviceorganizations, schools, private foundations, churches, libraries,museums, cultural institutions, environmental protectionorganizations, and other charitable, smaller groups—contend dailywith issues related to their IRS filings, from qualifying andapplying for tax-exempt status to maintaining and managing it.Written for nonprofit executives and directors, accountants,nonprofit boards, lawyers, consultants, and volunteers, IRS Form1023 Tax Preparation Guide is brimming with helpful advice andfeatures, including:
* Strategies for obtaining IRS recognition of tax-exempt status asa charitable organization including a Suitability Checklist toevaluate viability of making application
* Insights into the rationale behind the information requested bythe IRS
* Specific suggestions for answering each question on Form 1023 andnavigating the steps involved in the approval process
* Practical advice on the alternatives available in contesting anadverse IRS determination
* An overview of state filing requirements
* A companion Web site that allows nonprofits to download key modelforms and connect to IRS forms
* Easy-to-use worksheets to help manage such critical concerns aspublic charity status, tax-exempt eligibility, reporting to theIRS, and tax compliance

Product Details

ISBN-13: 9780471715252
Publisher: Wiley
Publication date: 04/21/2005
Pages: 264
Product dimensions: 7.03(w) x 10.10(h) x 0.69(d)

About the Author

JODY BLAZEK, CPA, is a partner in Blazek & Vetterling LLP, aHouston accounting firm focused on financial services fortax-exempt organizations and the individuals who create, fund, andwork for them. She is immediate past chair of the AIPCA Tax-ExemptResource Panel and heads the Form 990-PF Redesign Task Force. Sheserves on the editorial board of the Exempt Organization Tax Reviewand the Tax Advisor. She is a founding director of TexasAccountants and Lawyers for the Arts and the Houston Artist Fund.Blazek's concentration on nonprofits began at KPMG Peat MarwickLLP. She gained industry experience as chief financial officer ofthe Menil Foundation before forming the firm she now serves. She isthe author of Tax Planning and Compliance for Tax-ExemptOrganizations, Fourth Edition; Financial Planning for NonprofitOrganizations; IRS Form 990: Tax Preparation Guide for Nonprofits;and Private Foundations: Tax Law and Compliance, Second Edition andThe Legal Answer Book for Private Foundations, coauthored withBruce Hopkins (all published by Wiley).

Table of Contents


Chapter 1. Form 1023: Exemption under IRC§501©(3).

1.1 Before You Begin.

1.2 Suitability Test.

1.3 Statutory Requirements for Exemption.

1.4 Proper Timing.

1.5 Expeditious Handling.

1.6 National Office.

1.7 Organizations That Need Not File.

1.8 Group Exemptions.

1.9 Where to Send Application.

1.10 Public Inspection.

Chapter 2. Line-by-Line Suggestions for Completing Form1023.

2.1 Part I—Identification of Applicant.

2.2 Part II—Organizational Structure.

2.3 Part III—Information about the Required Provisions inYour Organizing Document.

2.4 Part IV—Narrative Description of Your Activities.

2.5 Part V—Compensation and Other Financial Arrangementswith Your Officers, Directors, Trustees, Employees, and IndependentContractors.

2.6 Part VI—Your Members and Other Individuals andOrganizations that Receive Benefits from You.

2.7 Part VII—Your History.

2.8 Part VIII—Your Specific Activities.

2.9 Part IX—Financial Data.

2.10—Public Charity Status.

2.11 Part XI—User Fee Information.

Chapter 3. The Schedules.

3.1 Schedule A—Churches.

3.2 Schedule B—Schools, Colleges, and Universities.

3.3 Schedule C—Hospitals and Medical ResearchOrganizations.

3.4 Schedule D—IRC §509(a)(3) SupportingOrganizations.

3.5 Schedule E—Organizations Not Filing Form 1023.

3.6 Schedule F—Homes for the Elderly or Handicapped andLow Income Housing.

3.7 Schedule G—Successors to Other Organizations.

3.8 Schedule H—Organizations Providing Scholarships,Fellowships, Educational Loans, or other Educational Grants, andthe Like to Individuals.

Chapter 4. Getting a Positive IRS Determination.

4.1 Application Processing System.

4.2 Best Case Scenario.

4.3 When Questions Are Asked.

4.4 Disputed Cases.

4.5 Declaratory Judgment.

Chapter 5. Advances versus Definitive Rulings.

5.1 Definitive Ruling.

5.2 Advanced Ruling.

5.3 Reporting Back to the IRS.

5.4 Failure to Meet Support Tests at End Advance RulingPeriod.

5.5 Failure to Subsequently Meet Support Test.

5.6 Changes of Public Charity Status.

Chapter 6. Reliance on Determination Letter.

6.1 Checking Current Status.

6.2 Names Missing from Publication.

6.3 Contact the IRS.

Chapter 7. State Tax Exemptions.

Appendix A: Suitability Checklist.

Appendix B: Form 1023 for a Public Charity.

Appendix C: Form 1023 for a Private Operating Foundation.

Appendix D: Public Support Test Calculation for IRC170(b)(1)(A)(vi) Organization.

Appendix E: Public Support Test Calculation for IRC509(a)(2).

Appendix F: The Schedules.

Appendix G: Form 5768, Election/Revocation of Election by anEligible Section 501©(3) Organization to make Expenditures toInfluence Legislation.

Appendix H: Notice 3367, Acknowledgement of Your Request.

Appendix I: Determination Letters Recognizing Exemption.

Appendix J: Chart of State Filing Requirements.

Appendix K: Form 8734, Support Schedule for Advanced RulingPeriod.

Appendix L: Compliance Monitoring at the Point ofTransaction.

Appendix M: Proposal Methodology for Pat IX.


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