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Swyft Filings Training > 501c3 > Flashcards

501c3 Flashcards

1
Q

How much is Swyft Filings’ fee for the 501c3?

A

$495 plus the IRS fee

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2
Q

What is the name of the IRS application for the “short form?”

A

1023-EZ

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3
Q

What is the name of the IRS application for the “long-form?”

A

1023

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4
Q

What is the IRS fee for the 1023-EZ Application?

A

$275

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5
Q

What is the IRS fee for the 1023 Application?

A

$600

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6
Q

What makes a customer qualify for the 1023 Application?

A
  • Profits $50,000 or more within 3 consecutive calendar years
  • Church/Religious
  • Medical Related
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7
Q

What is the 1023-EZ Eligibility Questionnaire?

A

Questions the IRS asks to determine if the nonprofit qualifies for the 1023-EZ application.

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8
Q

How many questions are on the 1023-EZ Eligibility Questionnaire?

A

30 questions total

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9
Q

How many directors are required to be listed in order to apply for the 501c3?

A

3 Directors

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10
Q

What is an NTEE Code?

A

A code that classifies the nonprofit’s activities.

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11
Q

Can the directors/officers live outside of the U.S?

A

Yes

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12
Q

Is there an age requirement for directors?

A

No

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13
Q

Are you required to have an EIN to file for the 501(c3?

A

Yes

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14
Q

True or False: The nonprofit has to be registered with the state first in order to apply for the 501c3 with the IRS

A

True

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15
Q

How can the customer check the status of their application once it has been submitted?

A

Check on the IRS’ website using the EIN

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16
Q

How long is the processing time for the 1023-EZ application?

A

4-6 business weeks

17
Q

How long is the processing time for the 1023 Application?

A

3-6 business months

18
Q

Can you expedite the 1023-EZ Application?

A

No

19
Q

Can you expedite the 1023 Application?

A

Available under special circumstances (disaster relief/pending grant)

20
Q

True or False: The 501c3 filing has to be approved with the IRS first before the nonprofit can accept donations.

A

False, the IRS allows the nonprofit to backdate donations up until the Incorporation date.

21
Q

What is the purpose of the 501c3?

A

It allow donations to be written off during tax filings.

Swyft Filings Training (10 decks)

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