Course Title: Completing the Application for 501(c)(3) Tax Exempt Status
Course Number: SBX 7471
Course Hours: 6

Do you want your nonprofit to be a 501(c)(3) tax exempt organization? Designed for potential and new nonprofits this course will provide assistance in completing the IRS Form 1023 (application for recognition of tax-exempt status). Benefit from a guided walk-through of the application process and a discussion of the most important, difficult, and potentially confusing questions.

Objectives:
Upon successful completion of this course, the student will learn:

• How to apply for tax exempt status
• The most common errors in completing Form 1023, the application for tax exempt status
• What the IRS needs copies of (Articles of Incorporation, Bylaws, Conflict of Interest, additional attachments)
• Information you will need to complete Form 1023 (Board Information, Financial/Basic budget Information)

Content:

1. What is IRS Form 1023
   • Advantages and Disadvantages of 501(c)(3) status
     1. Grants
     2. Taxes
     3. Guidestar, etc
   • Review of Form
     1. Review all questions (entire application) individually and as board
     2. Break down by parts
     3. Important, Difficult, Confusing
2. Timelines & What is needed
   • When should you submit
   • What documents are needed
   • When should you hear back and in the meantime
3. Getting Assistance
   1. Check the background of the individual/company
   2. Copies of paperwork
4. Complete/Review
   • Take a break
   • Recheck information and numbers
   • Submit/Packaging
   • Receiving Donations
5. Potential Results
   • Approvals
   • Pending Status
   • Denials
   • Revocations

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