Application & Approval Process for 501(c)3 Status
Learn which organizations are eligible to apply, how to apply, and what to expect after applying
- Product Number: 2240171WBA
- Publication Date: 3/18/2024
- Length: 2 hours CLE Credit Note
- Copyright: © 2024 MCLE, Inc.
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Product Description
Product Description
Internal Revenue Code section 501(c)(3) describes a subset of nonprofits: those organized and operated exclusively for religious, charitable, scientific, testing-for-public safety, literary, or educational purposes, or to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals.
Status as a 501(c)(3) organization confers many advantages, not the least of which are exemption from federal income tax and the ability to receive tax-deductible contributions. In most cases, nonprofit organizations must apply to the IRS to be recognized as exempt under section 501(c)(3). Learn which organizations are eligible to apply, how to apply, and what to expect after applying.
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Agenda
Agenda & Materials
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12:00 - 12:05 pm
Welcome and Introduction
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12:05 - 12:10 pm
Benefits of 501(c)(3) status, downsides of and alternatives to forming a new charity
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12:10 - 12:15 pm
Requirements for tax-exempt status under section 501(c)(3)
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12:15 - 12:20 pm
Organizations not required to apply for 501(c)(3) status
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12:20 - 12:30 pm
Form 1023-EZ vs. Form 1023
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12:30 - 12:40 pm
Steps to take before applying
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12:40 - 12:50 pm
Completing and submitting the application
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12:50 - 1:05 pm
Timing and process of IRS review and approval
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1:05 - 1:15 pm
Requesting Expedited IRS Review of Form 1023
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1:15 - 1:25 pm
Determination letter: effective date and reliance
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1:30 - 1:40 pm
Obligations While the Application Is Pending
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1:40 - 1:45 pm
Obligations after obtaining 501(c)(3) status
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1:45 - 1:50 pm
Applying for Reinstatement of 501(c)(3) Status After Revocation
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1:50 - 1:55 pm
Options if an Application Is Denied
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1:55 - 2:00 pm
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