Filling Out IRS Form 1023 (Application for Nonprofit Status)

No video

Filling Out IRS Form 1023 (Application for Nonprofit Status) | How to Start a Nonprofit Step #11

Рет қаралды 9,072

Күн бұрын

🎓 Try Our Course:
🚨 How to Represent Yourself in Court - And Win!
🔗 Take it now at lydagroup.com/....
👀 These are the techniques I teach to attorneys. Hours of instruction, in bite-sized pieces.
💳 All for less than the price of one hour of attorney time.
⚖️ Taught in plain language, not legalese...
*** * FREE 2023 Guide to Tax Strategies for Private Foundations: info.foundatio...
--
Get a free month of Audible, keep 1-2 free audiobooks (and support our channel!) here: www.audibletri...
-
Our businesses use Gusto for easy, reliable, inexpensive payroll and benefits. Try it here: gusto.pxf.io/lyda
-
* Filling out IRS Form 1023 (Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) can seem daunting, but it doesn't have to be!
Here are some tips for filling out the form and the difference between the 1023 & 1023 EZ.
---
Connect With Lyda Law Firm:
LinkedIn: / lydagroup
Website: www.lydagroup.com
Facebook: / lydagroup
Instagram: / thelydagroup
Twitter: / lydagroup
Twitter: / marklyda
---
All videos are for educational and entertainment purposes only. This is not legal advice and should not be relied on as such. Every case is different. Consult a licensed professional in your state. Mark Lyda is a Colorado-licensed attorney. Viewing this channel or its content does not create an attorney-client relationship with Lyda Law Firm or any of its lawyers.

Пікірлер: 38

@avidsolintl 2 жыл бұрын

Thank you. 50 videos and finally an application video. You rock.

@LydaGroup 2 жыл бұрын

Thanks for watching! Good luck on your application!

@nchurch51 Жыл бұрын

This was very helpful. I was able to complete this crucial process in getting the IRS Form 1023EZ completed. Thank you for the guidance.

@LydaGroup Жыл бұрын

Great! I’m glad this video was helpful to you!

@nathanchurch5363 Жыл бұрын

What a great introduction to the 1023! Thank you!

@LydaGroup Жыл бұрын

Thank you! I hope it is helpful!

@Mellybaby_21 2 жыл бұрын

Thank this was incredibly helpful and knowing that the ez is an option for me lessens my anxiety about paying so much to file.

@LydaGroup 2 жыл бұрын

Thanks, and good luck!

@user-ng2gm5xe2l 8 ай бұрын

Quick Video and informative. Thank you!

@LydaGroup 8 ай бұрын

Thank you for watching - glad it helped!

@t.r.m1138 Жыл бұрын

Good lord I didn't realize it was $600. I'm in the process of doing the 1023 for my private operating foundation! Excellent video.

@LydaGroup Жыл бұрын

Thank you! EZ is currently $275 if you qualify (qualification guidelines are on the IRS website). Hope that helps!

@kimmie7379 Жыл бұрын

Just make sure you look into the EZ form. I found out that you cannot get grants and if you make more than $50,000 you cannot file 1023 afterwards.

@thedreamhouseyoutubechanne3786 2 жыл бұрын

This was very good, thank you!

@MelconWagner 2 жыл бұрын

This is so awesome. Thank you! I'm wondering what would happen if I'm approved for 501 C3 EZ and end up earning more than $50,000. What happens to my organization if we gather a higher income than this?

@blondequijote Жыл бұрын

Gotta love optimistic preemptive problem-solving questions.

@kimmie7379 Жыл бұрын

I know you cannot file form 1023 after you file a 1023EZ. If you plan on going big just file the 1023 Form.

@WalkingInFaithJourneys 18 күн бұрын

Great question

@mailoanlu8043 9 ай бұрын

thank you...

@LydaGroup 8 ай бұрын

Thanks for watching!

@alanamoore3749 2 жыл бұрын

Thank you so much for this. 🙌🏾

@LydaGroup 2 жыл бұрын

You're so welcome!

@erbrag1692 2 жыл бұрын

Thank you! What if it is past the 27 months since the founding of the organization? Are there options to apply for 501c3 still?

@sufrutoverdeus 2 жыл бұрын

Gostaria de saber, estou com a mesma dúvida pois minha organização tem aproximadamente 12 anos e somos do Brasil

@LydaGroup 2 жыл бұрын

This typically requires a showing of good cause. Find more here: www.irs.gov/charities-non-profits/charitable-organizations/application-filed-late

@darshansingh8217 Жыл бұрын

Thank you for valuable information. I appreciate it very much. I have a quick question few individuals wants to setup a 501 c(3) so they can donate money on monthly basis but this entity will fund money over seas for widows in the financial support. Can they still form non for profit and get tax exempt status? Thanks

@LydaGroup Жыл бұрын

Thank you! Every situation is different, so I can't speak to those specific individuals, but I can say that the concept of creating a domestic nonprofit that benefits people overseas is generally acceptable (again, depending on the specifics).e

@darshansingh8217 Жыл бұрын

@@LydaGroup Thank you Mark!

@rdf9277 8 ай бұрын

It appears that the 501c3 that I have worked with just found out that our person that was suppose to be doing our taxes, did nothing. So we switched from being an LLC in 2016 to a 510c3. We were approved and appeared we were all set. Our form 990 was never submitted starting that year. So naturally, we lost our status with the IRS. What steps are needed to obtain our 501c3 status? Would it be filling out this form 1023 again? Or, trying to retroactively fill out all of the missed 990's in the past number if years that were missed?

@LydaGroup 8 ай бұрын

Sorry to hear it! The IRS offers guidance on that question on pp. 2 and 3 here: www.irs.gov/pub/irs-tege/auto_rev_faqs.pdf. Thanks for watching!

@MarielaBEscobar 3 жыл бұрын

Hello, I am Starting A Non Profit to give scholarships in another country, I already register as a foundation and my next step is to file form 1023 EZ in Texas. My question is, if I can start doing fundraisers already or I have to wait?. I don't have the capital to start with the help I want to give.

@LydaGroup 3 жыл бұрын

If you’re 1023 is eventually approved, your donors’ donation will be considered tax-deductible, even for the fundraisers you do now. If your application is not approved, the donors will not be able to deduct those donations from their personal income taxes. But generally yes it is okay to fundraiser before your 1023 or 1023 EZ is approved.

@sewingseeds. 8 ай бұрын

Are we able to ask you questions?

@LydaGroup 8 ай бұрын

Thanks for watching! While I try to respond to whatever I can, I cannot provide legal advice (such as answering questions about a specific circumstance) in this forum.

@aliviascott8219 5 ай бұрын

I failed to submit my 1023 Ez form in 2013 due to transition from one state to another. I lost it but found it today. It is too late to file?

@LydaGroup 5 ай бұрын

Thanks for watching - here's some guidance from the IRS on late 1023's: www.irs.gov/charities-non-profits/charitable-organizations/application-filed-late#:~:text=An%20organization%20that%20files%20an,organization%20can%20show%20good%20cause.

@LydaGroup 5 ай бұрын

And here: www.irs.gov/pub/irs-pdf/i1023ez.pdf