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Suffolk New York Form 1023: What You Should Know

If you are a charitable organization, apply to the IRS to have your corporation recognized as a nonprofit in New York.  To become a tax-exempt nonprofit organization in New York, you must file Form 1023 with the New York State Government Tax and Finance Department. New York State applies many requirements, including filing an IRS Form 1023;  Forms 10-K and 1-K ; a Certificate of Good Standing, Form 7-A (or the New York state equivalent), Form 8-K, and any amendments or clarifications; and the organization's books and records. To file for recognition of your tax-exempt status, you will need any required approvals from the relevant New York State government agency, including approval for federal income tax-exempt recognition, an IRS Form 8-K/A, and a Certificate of Approval of Business Plan submitted to the Board of State Tax Department. In addition to the required approvals, organizations must also fill out a certificate of incorporation of a New York corporation, Form 1023-A, which is filed with the New York State Government Tax and Finance Department. There are two types of form for Form 1023: Form 1023-B and Form 1023-C and both must be filed within 90 days of the filing of the Form 1023-B. To become a tax-exempt nonprofit organization in New York, a corporation must submit both forms with the proper approval to the Board of State Tax Department. The Form 1023-C is also referred to as Form 1023-CA, Certificate of Cancellation of Exemption, Certificate of Dissolution, or Certificate of Dissolution and Recognition Under Section 501(c)(3) of the Internal Revenue Code. An organization filing a Form 990-EZ must submit a completed Form 990-EZ in order to become recognized for tax-exempt status. The Form 990-EZ is filled out by an organization to show changes to the organization's financial statement and is considered proof that the organization does not qualify for tax-exempt status. It is important to know that organizations that receive 5,000 or more in revenue are considered to have made a net profit as the organization's income tax burden is reduced. The New York Department of State also will conduct a review and approval of newly formed organizations before approval under Section 501(c)(3).

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