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Form 1024 Online Riverside California: What You Should Know

SECTION 501(c)(3) nonprofit status may no longer require that an organization be a 501(c)(3) organization  at the time of filing Form 1024 or applying for a Section 501(c)(3) nonprofit status. See section 521(f) of  Tax Relief for the Elderly Act of 2023 (Public Law 114-5) The Department of Treasury is proposing amendments to the Internal Revenue Code, to clarify that certain tax-exempt organizations may no longer require that their organization be a 501(c)(3) entity when filing their Form 1024, thereby avoiding the consequences imposed on those organizations by the proposed section 521 and other tax laws.  This amendment will affect organizations that would have had to be incorporated as a Section 501(c)(3) organization under section 521(a) in order to be designated as an organization exempt from tax under section 501(c)(3) of the Internal Revenue Code on the date of the organization's first filing, which is when Form 1024 is initially accepted. In order to avoid potential penalties, some of these organizations will have to amend their existing Form 1024 so that they can designate a section 521 type organization that may later receive Section 501(c)(3) tax-exempt status. It should not be assumed that these amendments are mandatory, and entities will have every right to refuse to modify their Form 1024 to include a Section 501(c)(3) designation. If the Secretary makes final the issuance of these amendments, an organization may elect to include in its Form 1024 a Section 501(c)(3) designation at any time before the organization files its initial tax return or after the organization has filed its initial tax return, if all four (4) tax years in which the organization was taxable as a Section 501(c)(3) tax-exempt entity have been completed and the organization was entitled to the Section 501(c)(3) tax-exempt status.

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