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Form 1024-A (January 2018): What You Should Know
Form 1024. (Rev. January 2018), Department of the Treasury, Internal Revenue Service. Application for Recognition of Exemption Under Section 501(c)(4). For more information, go to IRS.gov/Form1024, or call an IRS tax help line: For questions about the income tax treatment of a particular kind of investment, see Investing in a Qualified Small Business and Income Tax Treatment of Qualified Business Income. Income Tax Treatment of Qualified Partnerships Organizations that are qualified partnerships may deduct the costs of their activities in meeting their objectives, but will include in taxable income any partnership income they recognize. However, if you are not taxed on the income generated by a partnership, you can exclude a percentage of partnership income from taxable income. What Does It Do? The application for recognition of exempt status under Section 501(c) requires that the following information and supporting documents be submitted: Copy of certification issued by a tax-exempt organization 1. The name and address of the tax-exempt organization 2. Form 1065, IRS Certified Public Accounting Firm (CPA) Certification of Tax Exemption (this form might be available in a library or local newspaper) 3. A copy of the most recent Form 1065 4. Evidence of eligibility to be recognized for recognition of exempt status A. The organization must also file Form 1065-B if it applies for recognition of exempt status. How to Apply for Recognition of Exemption. The application for recognition of exemption should be filed with the IRS and filed with any state or local taxing authority that would have jurisdiction over the organization's activities. Once in place, the designation can remain in effect until changed by Congress or an executive order. Do I Need to File Form 1024 if I Don't Qualify for Recognition of Exemption? Form 1024-A is only a form to file with the IRS to apply for recognition of exempt status. The IRS may not request any additional information from you before deciding whether to issue recognition of exemption. How To Make Sure Your Organization is Tax Exempt All IRS exempt organizations have a public accounting firm certified. If you are not a tax-exempt organization, then the only way you can know you meet the IRS' requirements is to do an audit and see if you qualify for recognition of exempt status.
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