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New Form 1023: Federal Exemption Application and Its New Electronic Filing

Be prepared to file Form 1023 with the new electronic filing requirement.

Charitable nonprofit organizations need to obtain recognition of their tax-exempt status from the Internal Revenue Service. The IRS recently revised Form 1023, the federal exemption application, and the IRS now requires that this form to be filed electronically through Pay.gov. One needs to know what is required to complete Form 1023 and how to submit it electronically. Nonprofit directors, trustees and officers and their tax advisors need to successfully navigate this critical submission. This topic will address practical suggestions for gathering information needed for completing this form and how to craft responses that address the questions posed. It introduces selected questions on the new form, how to locate guidance on substantive questions and resources to resolve technical obstacles that might arise. With these tools, tax professionals and the nonprofit leaders will be better equipped to prepare and file the new Form 1023.

Runtime: 89 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview: Electronic Filing and New Form

  • Question Completion Requirement
  • Pay.gov Features

Selected Questions to Be Examined

  • NTEE; Officers, Directors, Trustees, Highest Compensated Employees; Compensation and Non-Fixed Compensation; Purchase and Sale of Goods, Services or Assets
  • Grants and Loans to Non-Charitable Organizations and Foreign Organizations; Operations/Activities in Foreign Countries
  • Joint Ventures

Technical Matters

  • Attachments to Form 1023
  • Rev. Proc. 2020-8 and Transition
  • Electronic Signatures on Form 1023; Payment of User Fees; Pay.gov Accounts
  • Resolving Technical Difficulties

Resources

  • Pay.gov Form and Instructions
  • Video Tutorials and Overview of Form 1023 E-Filing
  • EO Specialist Sample Questions
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on May 28, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Louis E. Michelson, Esq.

Louis E. Michelson, Esq.

Louis E. Michelson, A Professional Corporation

  • Principal with Law Offices of Louis E. Michelson, A Professional Corporation
  • Practice focuses on planning, charitable giving and other federal, state and local taxation issues for tax-exempt organizations
  • He advises public charities, private foundations, religious and educational organizations, and other nonprofit organizations on issues of formation, management, joint ventures, planned giving and board governance
  • Speaks regularly on nonprofit and tax exemption legal matters
  • Lecturer at UCLA Extension on tax issues for nonprofit organizations
  • Immediate past chair of the Nonprofit Organizations Committee of the Business Law Section of the California Lawyers Association
  • J.D. degree, UCLA School of Law; M.S. degree in accountancy, DePaul University; B.A. Degree, with general honors, University of Chicago
  • Can be contacted at 310-843-0700 or [email protected]
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Product ID: 407746
Published 2020
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