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Boston Massachusetts Form 1024: What You Should Know

This notice is usually sent in late May or early June, though it can be delayed. Form 2553 is a notification letter from the IRS that the organization met the description of your nonprofit corporation and is ready for its tax-exempt status to become effective. The IRS generally does not send any Form 2553s when it receives a petition for recognition of exemption from the federal income tax (Form 1024). Generally, if you do not receive a Form 2553 and the IRS has not issued a certification from the IRS, it is because your organization has not yet met the description of your nonprofit corporation. If you have changed the name of your company, or you have entered into a new contract, it may affect the amount of information provided. You should check with the Secretary of State to determine if the name change or contract change would alter the description of your non-profit corporation. The notice also states whether you can continue to use an existing telephone number for answering calls to your telephone number. This may mean that your telephone numbers will be changed. Tax Benefits of Organizing a Nonprofit Corporation There are many tax advantages to forming a nonprofit corporation. One large advantage of forming a nonprofit corporation is avoiding property taxes. The state of Massachusetts automatically calculates its taxable gross income from non-profit corporations according to the state's personal property tax rate. Nonprofits typically pay an annual property tax of 1.0 percent of gross income from assets (gross income) less depreciation and amortization. Your taxable gross income (as determined in Massachusetts, less any expenses that may be deducted) from an independent, non-profit corporation is a taxable gross income for personal property taxes (other than gross income from real property sold or transferred for personal consumption) of approximately 1,500 per year for single filers and 1,742.00 per year for joint filers. Organizing a 501(c)(3) Corporation How to Establish your 501(c)(3) Corporation in Massachusetts Nonprofits are organized under section 501(c)(3) of the Internal Revenue Code. An organization may have an unlimited number of non-profit corporations, and an unlimited number of directors or officers at each separate non-profit corporation. The Corporation's sole purpose and function is to carry on the nonprofit organizations activities for charitable purposes and at no separate private profit.

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