We assist with filing your non-profit 501(c)(3) package by doing all of the paperwork for you; including the following:
1. Initial Consultation: The nonprofit organization seeking 501(c)(3) status will have an initial consultation with a tax professional specializing in nonprofit tax law. During this consultation, the advisor will assess the organization's eligibility for 501(c)(3) status and gather necessary information. Note: The organization must have already been incorporated through it filing State and obtained EIN before applying for 501(c)(3) tax exempt status.
2. Drafting Bylaws: The organization will need to draft bylaws that outline its internal governance structure, operational procedures, and decision-making processes.
3. Preparing Form 1023: The organization will need to prepare and submit Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, to the IRS. This form requires detailed information about the organization's purpose, activities, finances, and governance.
4. Gathering Supporting Documents: Along with Form 1023, the organization will need to provide supporting documents such as financial statements, bylaws, articles of incorporation, and any other relevant information requested by the IRS.
5. Submission and Review: The completed Form 1023 and supporting documents will be submitted to the IRS for review. The IRS may request additional information or clarification during the review process.
6. Approval and Notification: If the IRS approves the organization's application for 501(c)(3) status, the organization will receive a determination letter confirming its tax-exempt status. This letter is essential for fundraising, grant applications, and compliance with tax laws.
10. Ongoing Compliance: Once granted 501(c)(3) status, the organization must comply with ongoing reporting and compliance requirements, such as filing annual information returns (Form 990) with the IRS and maintaining proper record-keeping practices (for additional service fee).
