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Form 1023 Lakewood Colorado: What You Should Know
Form 1023 (Rev. December 2017) — IRS Use the instructions to complete this application and for a definition of all bold items. For additional help, call IRS Exempt Organizations. Pursuant to the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder, every organization that has been in existence for at least 5 years and has a total budget of not more than 75,000 for the taxable year of such organization in a State or political subdivision thereof that has a significant connection with the operation of that State or subdivision shall be subject to taxation under Section 501(c) of the United States Code (the “Code”). 501(c)(3) organizations that do not meet this minimum budget requirement are not permitted to deduct the entire amount of expenses incurred for the operation of such organization. The Code has no limit of 75,000 and the Code allows for a deduction only up to 25,000 from the gross receipts of the organization itself. The Code further allows for a deduction of not more than 3,000 from the gross receipts of an organization that has a total combined budget of not more than 75,000 for the taxable year. However, certain deductions are restricted to certain types of organizations. Specifically, the Code limits the reducibility of certain items with regard to any organization to which the Code applies as follows: (i) certain health insurance premiums; (ii) certain business and property taxes; (iii) certain qualified contributions (within the meaning of Section 170.5 of the Code), including certain donations of real property to public charity organizations; and (iv) certain fringe benefit expenses. All funds paid to charity during the taxable year may be deductible as charitable contributions of these types. The Code also provides for a tax deduction on the basis of adjusted gross income at various different income levels which applies to taxpayers with adjusted gross incomes from 75,000 (adjusted gross income) to 200,000 (adjusted gross income). See also, Internal Revenue Manual (IRMA) Part 26, Non-Profit Organizations (Non-Taxable Taxable Expenses). This form may prove to be useful in determining the appropriate amounts for any given year. If interested, please contact the IRS by the date shown in the form for further information. Dec 1, 2023 — ROSANNE. ELKINS. SECRETARY. 2800 SONORAN ROAD. LAKEWOOD.
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