This form is used by corporations or trusts to apply for recognition as an organization exempted from tax and should be submitted to the Department of treasury – IRS on the address given on the form.
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The form is divided into 11 parts followed by a checklist which include the following details; identification of the client compiling of personal details such as the name, address, contact number, company name, EIN, etc., followed by a checklist confirming if you are represented by a representative along with their details and your company’s details. After that, describe your organizational structure and the provisions that may be required in your organizing documents along with the narrative description of your activities followed by Compensation and Other Financial Arrangements With Your Officers, Directors, Trustees, Employees, and Independent Contractors and they details need to be mentioned in the points 2-5 respectively.
In the 6th part the members and other individuals and organizations that receive benefit from your firm needs to be described, in the next parts the company’s history and its specific activities are asked followed by the detailed financial data and public charity status in the 9th & the 10th parts have to be explained.
Lastly, the authorized signatory needs to sign the document along with their name, title and date which again needs to be done after the 11th part. In the end of the document you also need to fill in a checklist which is organization or sector specific.
Application for Recognition of Exemption form-1023
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