5013c Help

[Joe G.]

Originally Posted by stinglikeabee

I would definitely recommend you do the normal 1023 form. It really is not bad. It just takes a few of the organizers/founders to sit down and hammer through it for a day to make sure you've answered every question on the document. If you think you may engage in any of the activities listed (scholarships, etc.) identify it and establish a policy or policy document that will detail the operations process.

Assuming you've already established a nonprofit business entity in your state, you can collect funds and operate, however, donations are not tax-deductible at this point.

Once you build momentum, you don't want an IRS process to halt you from being more aggressive in raising funds and establishing partnerships with donors.

Set yourself up for the long term. We (FIRST family) want you around for a while

Although the impact right now is probably pretty minimal, since the 1023ez has only been available for a few months, I believe the intent is that the existence of the 1023ez will also drive down the processing time on the full 1023. Since less 1023's will be being submitted, the IRS will be able to go through them quicker.