Form 1024 - Application For Recognition Of Exemption Under Section 501(A) Page 5
Download a blank fillable Form 1024 - Application For Recognition Of Exemption Under Section 501(A) in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 1024 - Application For Recognition Of Exemption Under Section 501(A) with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25Line 12.—Attach a schedule showing the
the principal exchange on which it is traded,
Line 3.—See Regulation sections 301.9100-1
total amount paid for each benefit category,
the number of shares held, and their value as
and 301.9100-3 for information about a
such as disability, death, sickness,
carried on the organization’s books.
discretionary extension beyond the 27-month
hospitalization, unemployment compensation,
period. Under this regulation, the IRS will
Line 6.—Attach a schedule that shows the
or strike benefits.
allow an organization a reasonable extension
borrower’s name, purpose of loan, repayment
of time to file a Form 1024 if it submits
Lines 13–18.—Use lines 13 through 18 to
terms, interest rate, and original amount of
evidence to establish that:
report expenses that are not directly related to
loan.
the expense categories listed on lines 9 and
(a) It acted reasonably and in good faith,
Report each loan separately, even if more
10.
and
than one loan was made to the same person.
For example, salaries attributable to the
(b) Granting relief will not prejudice the
Line 7.—Enter the book value of securities
organization’s exempt purpose activities
interests of the government.
held of the U.S., state, or municipal
should be included with any other expenses
governments. Also enter the book value of
Showing reasonable action and good
reportable on line 9 rather than being
buildings and equipment held for investment
faith.—An organization acted reasonably and
reported separately on line 14.
purposes. Attach a schedule identifying each.
showed good faith if at least one of the
Salaries reportable on line 14 include, for
following is true.
Line 8.—Enter the book value of buildings
example, those attributable to special events;
and equipment not held for investment. This
1. The organization filed its application
to the solicitation of contributions; and to the
includes plant and equipment used by the
before the IRS discovered its failure to file.
overall management and operation of the
organization in conducting its exempt
2. The organization failed to file because of
organization.
activities. Attach a schedule listing these
intervening events beyond its control.
Line 13.—Attach a schedule that shows the
assets held at the end of the current tax-year
3. The organization exercised reasonable
name of the person compensated; the office
period and the cost or other basis.
diligence but was not aware of the filing
or position; the average amount of time
Line 9.—Enter the book value of land not
requirement.
devoted to business per week, month, etc.;
held for investment.
To determine whether the organization
and the amount of annual compensation.
Line 10.—Enter the book value of each
exercised reasonable diligence, it is
Line 14.—Enter the total of employees’
category of assets not reported on lines 1
necessary to take into account the complexity
salaries not reported on line 13.
through 9. Attach a schedule listing each.
of filing and the organization’s experience in
Line 15.—Enter the total interest expense for
Line 12.—Enter the total of accounts payable
these matters.
the year, excluding mortgage interest treated
to suppliers and others, such as salaries
4. The organization reasonably relied upon
as occupancy expense on line 16.
payable, accrued payroll taxes, and interest
the written advice of the IRS.
Line 16.—Enter the amount paid for the use
payable.
5. The organization reasonably relied upon
of office space or other facilities; heat; light;
Line 13.—Enter the unpaid portion of grants
the advice of a qualified tax professional who
power; and other utilities; outside janitorial
and contributions that the organization has
failed to file or advise the organization to file
services; mortgage interest; real estate taxes;
made a commitment to pay to other
Form 1024. An organization cannot rely on the
and similar expenses.
organizations or individuals.
advice of a qualified tax professional if it
Line 17.—If your organization records
Line 14.—Enter the total of mortgages and
knows or should know that he or she is not
depreciation, depletion, and similar expenses,
other notes payable at the end of the year.
competent to render advice on filing
enter the total.
Attach a schedule that shows each item
exemption applications or is not aware of all
Line 18.—Attach a statement listing the type
separately and the lender’s name, purpose of
the relevant facts.
and amount of each significant expense for
loan, repayment terms, interest rate, and
Not acting reasonably and in good faith.—
which a separate line is not provided. Report
original amount.
An organization has not acted reasonably and
other miscellaneous expenses as a single
Line 15.—Enter the amount of each liability
in good faith if it chose not to file after being
total if not substantial in amount.
not reported on lines 12 through 14. Attach a
informed of the requirement to file and the
separate schedule.
consequences of failure to do so.
B. Balance Sheet
Furthermore, an organization has not acted
Line 17.—Under fund accounting, an
Line 1.—Enter the total interest- and non-
reasonably and in good faith if it used
organization segregates its assets, liabilities,
interest-bearing cash in checking and savings
hindsight to request an extension of time to
and net assets into separate funds according
accounts, temporary cash investments
file. That is, if after the original deadline to file
to restrictions on the use of certain assets.
(money market funds, CDs, treasury bills, or
passes, specific facts have changed so that
Each fund is like a separate entity in that it
other obligations that mature in less than 1
filing an application becomes advantageous
has a self-balancing set of accounts showing
year), change funds, and petty cash funds.
to an organization, the IRS will not ordinarily
assets, liabilities, equity (fund balance),
grant an extension. To qualify for an
Line 2.—Enter the total accounts receivable
income, and expenses.
extension in this situation, the organization
that arose from the sale of goods and/or
If the organization uses fund accounting,
must prove that its decision to file did not
performance of services.
report the total of all fund balances on line
involve hindsight.
Line 3.—Enter the amount of materials,
17. If the organization does not use fund
No prejudice to the interest of the
goods, and supplies purchased or
accounting, report only the “net assets”
government.—Prejudice to the interest of the
manufactured by the organization and held to
account balances, such as capital stock,
government results if granting an extension of
be sold or used in some future period.
paid-in capital, and retained earnings or
time to file to an organization results in a
accumulated income.
Line 4.—Attach a schedule that shows the
lower total tax liability for the years to which
name of the borrower, a brief description of
the filing applies than would have been the
Part IV. Notice Requirements
the obligation, the rate of return on the
case if the organization had applied on time.
principal indebtedness, the due date, and the
Part IV only applies to section 501(c)(9) and
Before granting an extension, the IRS may
amount due.
(17) organizations. Organizations applying for
require the organization requesting it to
Line 5.—Attach a schedule listing the
tax-exempt status under other sections of the
submit a statement from an independent
organization’s corporate stock holdings.
Code should not fill in Part IV.
auditor certifying that no prejudice will result
For stock of closely held corporations, the
Line 1.—If you answer “Yes,” do not answer
if the extension is granted.
schedule should show the name of the
questions 2 through 4. If you answer “No,”
Procedure for requesting extension.—To
corporation, a brief summary of the
proceed to line 2.
request a discretionary extension, an
corporation’s capital structure, the number of
Line 2.—Relief from the 15-month filing
organization must submit the following with
shares held, and their value as carried on the
requirement is granted automatically if the
its Form 1024.
organization’s books. If such valuation does
organization submits a completed Form 1024
A statement showing the date Form 1024
not reflect current fair market value, also
within 12 months from the end of the
should have been filed and the date it was
include fair market value.
15-month period.
actually filed.
For stock traded on an organized exchange
To get this extension, an organization must
An affidavit describing in detail the events
or in substantial quantities over the counter,
add the following statement at the top of its
that led to the failure to apply and to the
the schedule should show the name of the
application: “Filed Pursuant to Section
discovery of that failure. If the organization
corporation, a description of the stock and
301.9100-2.” No request for a letter ruling is
required to obtain an automatic extension.
Page 4
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form 1024 - Application For Recognition Of Exemption Under Section 501(a)
Financial
Instructions For Form 1024-a - Application For Recognition Of Exemption Under Section 501(c)(4) Of The Internal Revenue Code
Financial
Form 1023 - Application For Recognition Of Exemption Under Section 501(c)(3) Of The Internal Revenue Code
Financial
Form 1023-ez - Streamlined Application For Recognition Of Exemption Under Section 501(c)(3) Of The Internal Revenue Code - 2014
Financial
Form 1023-ez - Streamlined Application For Recognition Of Exemption Under Section 501(c)(3) Of The Internal Revenue Code - 2014
Financial
Related Categories
Parent category: Financial