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ID Form 1023: What You Should Know

IRC § 501(c)(3) must file Form 1023. The following information is relevant to your organization's file: Form 1023 was designed as a replacement for the much longer and sometimes confusing instructions for  Form 990-EZ. Instructions for Form 990-EZ are available from IRS.gov. Incentive payment tax Incentive payment tax is a part of the federal tax code and applies to payments directly or indirectly made to 501(c)(3) organizations. The IRS allows certain organizations to provide “incentive payments” (e.g., scholarships) to low-to-moderate income taxpayers. An organization is a 501(c)(3) organization if it meets the minimum statutory criteria. An “incentive payment” is any payment to a taxpayer in excess of a specified amount. Income tax Individual income tax returns form 1040 must be filed each year. IRS Form 1040 returns are based on filing status as an individual, self-employment, or proprietor. For more information see IRS Publication 15, Tax Withholding and Estimated Tax.  To file as an individual: Individual returns are due on April 15 of each year, unless a return has previously been filed. For more information see IRS Publication 15 For more information see IRS Publication 1540, General Instructions for Individual Tax Returns. For more information see IRS Publication 1541, Individual Income Tax Return for Individuals, For more information see IRS Publication 1543, Tax Guide for Small Business. Corporations and partnerships must file Form 1120 after the last day of the 2nd calendar year after the calendar year the tax was paid (usually the 1st or the 2nd calendar year after the calendar year the last payment was made). If it was not paid in the 2nd calendar year, the corporation must file Form 1120 or a substitute for Form 1120. For more information see IRS Publication 1120-A, Corporation Income Tax Return Schedule. Schedule C-EZ (Form 1120-C) provides information on the corporation's business income, loss, and deduction. For more information see IRS Publication 1120-B, Business Income Tax Return. For more information see IRS Publication 1120-C, Tax Guide for Small Business. For more information see IRS Publication 1120-D, Dividends, Capital Gains, and Losses.

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