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Form 1024 Online Connecticut: What You Should Know
Forms have been assigned to your organization under prior section 501(c) procedures. There are two types of organizations that may use form 1024: · A “local exchange association”- A trade organization established under state charter or Act of Congress; · An organization organized exclusively for agricultural production, raising or handling of agricultural products with less than 250 members. · Individuals with 100 or fewer owners. If you want to form an organization for all the employees who work for your business. You do this with Form 1024-2. In order to claim an exemption under section 501(a), you must file a Form 1024, Application for Recognition of Exemption. You do this by using the self-service tool (you must be a U.S. taxpayer to obtain the form on line 24 or 29 if your organization is under 501(c)). The Form 1024 will not be accepted if the organization contains more than 5 individuals working on a regular basis. Form 1024-2 is designed to be an application on which the organization applies for recognition of exemption. However, you may file this form only if your organization meets all the requirements described below 1. All members of the organization must meet the definition of a “specified employee” in section 501(c) (others need Form 1024-1) . 2. The organization or individual must be a corporation, limited liability company, partnerships, or foundation, or a partnership or a foundation organized or operating solely in accordance with the laws of a State. 3. The organization or individual must have been in existence for at least one year. 4. The individual must be either the direct proprietor or shareholder of the organization. 5. The organization must have gross receipts of 1,000; or 14,000 if no gross receipts are received during the tax year. If gross receipts are not received during the tax year, the gross receipts that would be subject to the 2 percent excise tax may not be less than 5,000. 6. The individual or organization must be described in section 501(c) (other specified employees). However, if an organization has more than one employee who is described in section 501(c)(3), the organization must file Form 1024-3-A (Rev. of March 22 – April 29) with all of its employers. 7.
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