The oft referenced 501(c)(3) is one of many tax exemptions provided by the IRS. With the many possible options, it can be challenging to make sense of which form is used for what. Here we have some resources about some of the most pertinent IRS forms.
Click on the menu to the right to read about specific forms and their differences.
Comparison of Forms 1023 and 1024
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