Do you really want to pay $2,500-$5,000 for preparation of your 501c3 application – IRS Form 1023? On most occasions, we’ll complete your application for half of what you’ve already been quoted. Or, fill out what you can and let us review your paperwork the same way the IRS will. Either way, we have a 100% success rate and always guarantee our work.
More than Document Preparation
In order to guarantee your success, we first review your existing formation documents for the appropriate 501c3 clauses required by the IRS. Next, we’ll create a set of bylaws and obtain your EIN. Finally, after preparing Form 1023, including all narratives, budget projections, schedules, and additional notes, we’ll continue working on your behalf – including follow-up correspondence with the IRS — until you have received your successful letter of determination.
About Form 1023
IRS Form 1023 is the primary document required by the federal government for your organization to be granted 501c3 tax-exempt status. The main part of the application is 12 pages long, followed by 18+ pages of schedules, additional notes, and attachments. When filing, you will also include copies of your signed formation documents, Bylaws, EIN, and a user fee of $600 regardless of your organization’s projected annual revenue. Together, all of this makes up your 501c3 application packet to be filed with the IRS.
Form 1023 Review Process
The IRS review process usually takes between 3-6 months, though we’ve experienced both shorter and longer wait periods through the years. Within a few weeks of filing, you will receive a letter from the IRS stating that your 501c3 application has been received and is in process. Keep this letter for your records, as it will contain the name and phone number of the agent responsible for your case. After waiting additional weeks or months, you may then receive your successful Letter of Determination, stating that you have qualified as a 501c3 tax exempt organization. Or, it’s also possible that you will receive a letter requesting additional information about the purpose and planned activities of your organization. In this case, you’ll have a short amount of time to respond by mail or fax. If you are able to adequately answer the IRS’s questions, you should receive your successful IRS Letter of Determination within a few more weeks.
What About an Expedited Review Process
The IRS review process can take anywhere from 3 months to a year or longer, and regardless of what you might hear, there is no way to determine beforehand exactly how long it will take. Expedited requests are possible but rare, and are usually reserved for those applicants responding to a natural disaster or those who have been approved for a significant amount of funding by a federal agency or foundation and are waiting on IRS approval to realize those funds.
On average, Nonprofit Elite clients receive their approved IRS Letter of Determination within five-six months. Call 800.268.4388 today to get started!
Folks suggested we do this work ourselves, but our concern was accuracy and getting it right the first time. Thank you for all your help…one of the best decisions we ever made.—Teresa Samsill, Heroes for Kiddos and Widdows