It is assumed that the procedure to register for the 501c3 certification is much more difficult than it really is. Many people know that a Church uses the 501c3 form to get tax relief. That is only the tip of the iceberg, though. It is also used for purposes which are charitable, scientific, religious, literary and educational in nature by corporations, community chest funds, foundations and organizations, navigate to these guys.
The aims could also be to promote amateur sports, and even research in some cases. Needless to say, the categories enumerated in Section 501c3 fall under a wide variety of organisations. Thus, a broad section of society definitely exists that needs guidance on the application form and how to fill it out.
So what if you were looking to establish a non-profit company? Your uncertainty would be even more pronounced and you’d have no idea where to start. Even, you don’t need to hire someone else to fill up the paperwork while setting up a charity. If you have a legal background, you should use it to its utmost, even if you don’t have any support it is preferable and much more convenient. In fact, you may also end up doing a balancing act, because if the company is supposed to be not for benefit, it would make no sense to cough up a lot of money to set it up!
The 501c3 form allows you to create an autonomous charity. Personally , I think there is a benefit for non-profit organizations since they have no external interference. The documentation required to file the form, however, is complex and expensive, that is, whether you hire someone to do the filing.
The IRS asks you to collect specific documents and fill out the 1023 form to complete all of the formalities mentioned herein. The IRS charges between $400 per application and $850 each. As the forms are somewhat difficult to fill on your own, professional help is generally recommended.
Additionally, Form 1023 can take from a few weeks to a few months to fill in anywhere. Applicants usually believe that they will be able to obtain tax exempt status within a matter of a couple of days after they fill out the form. The tax exemption procedure is difficult, and IRS registration and analysis can take several months to complete.
Any significant considerations that may influence an application’s IRS processing period include: the form of applicant for exemption that the individual has submitted, the completeness of the requirement and the IRS reviewers’ present workload.