BUSINESS

Form 1024 Has been reviewed by the IRS to Enable Exemption Status for E-filing Application

As of Jan 3, 2022, the recognition of exemption on Form 1024 must be applied at Pay.gov. According to the IRS, a 90-day ultimatum will be given for only paper applications of Form 1024 to be submitted.

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The new revision from the IRS will permit electronic submission of Form 1024 for application for recognition of exemption according to Section 521 or Section 501(a) of the Internal Revenue Code.

According to the IRS, new applications starting from Jan 3, 2022, Form 1024 must be done electronically at Pay.gov. A 90-day ultimatum will be granted be given for filing the paper and letter applications of Form 1024.

The commissioner of the IRS Tax Exempt and Government Entities, Sunita Lough stated that when applying for tax-exempt status, the electronic method is much easier, limits errors, and reduces the processing time which would enable applicants to receive a response without delay.

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Also, organizations in need of determination according to Section 521 can apply electronically under Form 1024 rather than Form 1028, 

The fee required to apply for Form 1024 in 2022 remains unchanged at $600. Fees can be paid by applicants at Pay.gov before submitting the form. Payment options available are through credit or debit card and direct bank transfer.

Organizations are urged to subscribe to the free e-Newsletter from IRS to get updates on the latest Exempt Organizations and other information.

In the context of the recent revision, recognition of exemption according to Section s 501(c)(11), (29), (28), (27), (26), (23), (22), (21), (18), (16), (14), and 501(d) will no longer be applied through letter applications. Rather, applications for Form 1024 must be carried out electronically. Also, organizations included under the Section 501(c)(apart from 501(c)(4) and (c)(3)) and the electronic method is required when applying for Form 1024, under section 501(d). Organizations under Section 501(c)(3) and Section 501(c)(4) must continue to apply electronically for Form 11023, Form 1023-EZ, or Form 1024-A.

More information about how to electronically apply for tax-exempt status with the IRS can be gotten at iRS.gov.

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