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Frequently Asked Questions

What information must be submitted along with the form when applying for tax-exempt status?

When applying for tax-exempt status, it's crucial to submit complete and accurate information to avoid processing delays. The IRS requires several pieces of information to be submitted along with the application form. These include a detailed description of the organization's activities, the articles of incorporation, the Employer Identification Number (EIN), the organization's policies and bylaws, any publications or printed materials, and financial information. Additionally, a filing fee of $600 must be paid. The process of filing for tax-exempt status can be challenging, and it's recommended to hire an attorney specializing in nonprofits to assist with the application. The IRS may take three to six months to review the application, and any errors or incomplete information can significantly slow down the process. For smaller organizations with total annual projected revenue below $50,000, the IRS offers Form 1023-EZ, which simplifies the application process and reduces the processing time to two to four weeks. However, whether you're filing Form 1023 or Form 1023-EZ, thorough preparation and attention to detail are essential for a smooth submission and quick approval.
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