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IRS FORMS 1024 AND 1023

Forums: General Discussion
Created on: 08/10/10 08:49 AM Views: 2653 Replies: 8
Tuesday, August 10, 2010 at 8:49 AM

has anyone run into the need to fill out irs forms 1024 or 1023? we want to start out bank account for our 35th reunion, have applied for and been granted our federal tax number. i have been calling around to banks in my area to set up the account and they tell me we will need one of these forms filled out when we visit. any help would be greatly appreciated, thanks. ray

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Tuesday, August 10, 2010 at 10:17 AM - Response #1

ray young wrote:

has anyone run into the need to fill out irs forms 1024 or 1023? we want to start out bank account for our 35th reunion, have applied for and been granted our federal tax number. i have been calling around to banks in my area to set up the account and they tell me we will need one of these forms filled out when we visit. any help would be greatly appreciated, thanks. ray

You need the advice of a CPA or an Attorney. Look in your Class for one who might help pro bono. I am neither and haven't played one on TV. Laughing

1023 is an application for IRS 501(c)3 status making donations to your organization deductible from Federal Taxes.

This is unlikely to be approved by the IRS if all you are doing is organizing a class reunion.

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Edited 08/10/10 10:20 AM
Tuesday, August 10, 2010 at 12:22 PM - Response #2

thanks john; i talked with a bank officer and she said the tax id number is just for identity purposes only, nothing more. she suggested doing the same thing your treasurer did, open a personal account and add "manassas park class of 1977 reunion" to the account name. i appreciate you help, thanks again. ray

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Tuesday, August 10, 2010 at 12:52 PM - Response #3

My bank had me get an EIN and set up a business account. I did not want any tie-in to me personally, so the checking account (and EIN) is in the name of my school, Teaneck HS Class of 61. To avoid filing any income tax forms, I set up a no-fee 0% checking account.

Julie Cohan
Teaneck HS Class of 61

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Wednesday, August 11, 2010 at 2:12 AM - Response #4

Julie Cohan wrote:

My bank had me get an EIN and set up a business account. I did not want any tie-in to me personally, so the checking account (and EIN) is in the name of my school, Teaneck HS Class of 61. To avoid filing any income tax forms, I set up a no-fee 0% checking account.

Julie Cohan
Teaneck HS Class of 61

You will be required to file a TAX Return etc with IRS each year.

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Wednesday, August 11, 2010 at 10:41 AM - Response #5

Our treasurer shopped around for a bank, and chose TD Bank, Business Direct. No hassles for an account that is not associated with an individual.

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Wednesday, August 11, 2010 at 2:47 PM - Response #6

John Chidester wrote:

You need the advice of a CPA or an Attorney. Look in your Class for one who might help pro bono. I am neither and haven't played one on TV. Laughing

1023 is an application for IRS 501(c)3 status making donations to your organization deductible from Federal Taxes.

This is unlikely to be approved by the IRS if all you are doing is organizing a class reunion.

Ray & John,

My apologies, I've been taking some much needed R & R the last few days and didn't see this post till just moments ago. I'm in the process of writing an article on this very subject, but wanted to chime in for just a second. I want to correct a couple statements made, then I'll return to my article (will be posted soon in a new thread).

Actually not only can a CPA or TAX attorney answer your question Ray, so can any EA (Enrolled Agent). Ray, you want to be very careful when you go looking for anything that involves "Taxes or Tax Law." There are lots of people who will give you "advice" or their interpretation of what they "think." Unless they make it VERY clear, that they don't know what they are talking aboutTwisted Evil but just giving you their non-professional opinion, you may go away with a totally wrong impression. Then, someday you WILL get a different story from someone who has invested 1,000's of hours in continuing education.

Don't get me wrong, these "friends" and non-tax educated folks mean well, however their advice is only as good as a sieve holds water! John's response above is partially correct, but his last paragraph is strictly a "personal opinion," one that is like a sieve.

John Christman
Retired from 34 years as a Tax Professional (20 of those years an EA)

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Wednesday, August 11, 2010 at 4:12 PM - Response #7

I bow to John Christman's advice. He's the MAN.

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Wednesday, August 11, 2010 at 5:35 PM - Response #8

John Christman
Retired from 34 years as a Tax Professional (20 of those years an EA)

YES EA is the best way to go, as they can be your Rep with the IRS if needed

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