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FAQ

For a newly formed non-profit organization, what is the best time to file Form1023? If filed within the first tax year, how do you select the foundationclassification?
File as soon as you can with the new 1023 EZ it is not clear how longapproval will take the IRS still has 60o000 applications pending. Once youapply you have 27 months to operate so long as you are clear that yourapplication is pending. Read the instructions and the definitions carefully they will detail what partof the 501 c tax code your particular organization will fall under. While manyare 501 c 3 nonprofits other membership or advocacy orgs may require adifferent code. If you have any more specific questions please do feel free to ask and visitHome Page good luck.
Did Sachin Tendulkar continue till 2013 only because his stature and notbecause of his form? Where as Sourav Ganguly was forced to retire at his primein 2007 scoring 1023 runs in 9 matches at an average of 63.93?
Timing of retirement is an extremely important thing for superstars….The besttime to retire is when you are playing well yet you believe there is a playerwho can replace you and is better for the team’s prospects……Having said thatSourav Ganguly is the only player from the fab 4 who retired at the correcttime….Dravid and Laxman retired a series late Tendulkar retired a good twoyears late…..Ganguly retired with questions “Why” and not “When” thatsquite a lot to ask…..He could have played well for another couple of seriesbut after that question would have risen why is he sticking to his place……..Heretired with a 100 in his last series and a average of 60……A lot of peopleincluding devoted Tendulkar supporters feel he should have retired afterwinning the 2011 world cup……Whether Sourav was forced directly or indirectlyis something really uncertain but definitely well timed like his coverdrives..
A newly formed booster club wants to file 1023-EZ. What do we do if the incomeexceeds the $50k threshold in year 3? Is there a specific action or additionalform we would need to complete?
Form 1023EZ cannot be used if the organization estimates that its annualgross receipts will exceed 50000 in year 3. Use Form 1023 instead.httpswww.irs.govpubirspdf...