Wednesday, January 5, 2022

IRS Revises Form 1024 to Require Electronic Submission

UntitledThis week the IRS announced that it has revised Form 1024, Application for Recognition of Exemption of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, to allow electronic filing. Given this change, the IRS began requiring electronic filing as of January 3, 2022, although it provided a 90-day grace period during which it will also accept paper versions of the form (last revised as of January 2018). Form 1024 is used by organizations seeking IRS recognition of tax-exempt status under section 501(a) or section 521 (relating to farmers' cooperatives), except for organizations described in section 501(c)(3) (which file Form 1023 or 1023-EZ) or section 501(c)(4) (which file Form 1024-A). Form 1024 generally is not required for these types of entities to claim tax-exempt status, but organizations may choose to file it to receive confirmation from the IRS that they in fact qualify for exemption.

Lloyd Mayer

https://lawprofessors.typepad.com/nonprofit/2022/01/irs-revises-form-1024-to-require-electronic-submission.html

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