Form 1024 (other 501 status)

The IRS has many tax exempt status that different types of organizations can use.  The Form 1024 application is used for 501c4, 501c6 and 501c7 tax status.  Although these organizations are exempt from paying taxes on income, they usually are not eligible for writing grants and cannot offer donors a tax deduction.  The must meet certain guidelines including membership guidelines, political activity, limits on fundraising dollars, etc.
 
SOLUTION:  CANDO can assist in completing these types of applications and assisting in understanding the IRS requirements for these and other types of tax status.

Comparison of Forms 1023 and 1024

See a full list of Tax Exempt Status here.

 FORM 1023/501c3
  • Organization does not pay federal income taxes
  • Organization may not have to pay state and other taxes on purchases
  • Tax Deductions for donors
  • Organizations can write grants for nearly any foundation, state or federal grants.
FORM 1024/Other Tax Status
  • Organization does not pay federal  income taxes
  • Organization may not have to pay state and other taxes on purchases
  • Tax Deductions not available for donors or members
  • Most grantors (foundations or government grants) will not fund these types of organizations