Form 1024

Form 1024

A form that an organization files with the IRS to apply for tax exempt status under various sections of the Internal Revenue Code. For example, social clubs may use Form 1024 to achieve tax exempt status.
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Nonprofits wishing to obtain tax-exempt IRC section 501(c)(3) status must file Form 1023 ["Application for Recognition of Exemption Under Section 501(c)(3) of the IRC"], while all others requesting tax-exempt status will use Form 1024 ["Application for Recognition of Exemption Under Section 501(a) for Determination Under Section 120 of the IRC"].
You will need to file Form 1024 if applying for tax-exempt status under section 501 (c)(6).
501(c)(7) organizations generally begin as C corporations and later apply for tax-exempt status by submitting a completed Form 1024, Application for Recognition of Exemption Under Section 501(a), along with Form 8718, User Fee for Exempt Organization Determination Letter Request.
In addition to confirming that the nonprofit's Form 1023 (or Form 1024 if applicable), Form 990 and 990-T are available for public inspection as required by IRC [section] 6104 (with names and addresses of contributors redacted), the IRS is now interested in how that disclosure occurs: on the nonprofit's website, another person's website, or upon request.
Form 990 requires your organization to inform the public where to find your organization's Form 1023 "Application for Recognition of Exemption" (or Form 1024), 990, and 990-T (if applicable).
Form 1024, Application for Recognition of Exemption Under Section 501(a) for Determination Under Section 120 of the Internal Revenue Code.
Finally, the court noted that the projected budgets for the VEBA included in a Form 1024 submitted to the IRS projected year-end balances that only approached $8 million.
If an organization decides to seek reclassification from 501(c)(3) to 501(c)(6), IRS must be notified and a Form 1024 exemption application filed.
Compliance would include providing copies of Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code; Form 1024, Application for Recognition of Exemption Under Section 501(a) for Determination Under Section 120 of the Internal Revenue Code; and any supporting documents filed by the organization as part of its application.
Organizations generally apply for tax-exempt status by submitting either 1) IRS Form 1023, Application for Recognition of Exemption Under Section 501 (c)(3) of the Internal Revenue Code or Form 1024, Application for Recognition of Exemption Under 501(a) or for Determination Under Section 120, or 2) a letter of application.
The IRS also requires organizations to submit Form 8718, User Fee for Exempt Organization Determination Letter Request, along with Form 1023 or Form 1024. The fee must accompany each application and ranges from $150 to $500.
Form 1024 Title holding corporations for exempt organizations; civic leagues, social welfare organizations, and local associations of employees; labor, agri- cultural, and horticultural organizations; business leagues, chambers of commerce, and real estate boards; social and recreational clubs; fraternal beneficiary societies and associations; voluntary employee's beneficiary associations, mutual ditch or irrigation companies and cooperative telephone companies; cemetery companies; mutual insurance companies or associations; supplemental employment benefit trusts; post or organizations of past or present members of the armed forces.