2015-2025 Form

What is the Form 8718

The Form 8718 is a document used by organizations to apply for recognition of exemption from federal income tax under section 501(c)(3) of the Internal Revenue Code. This form is essential for non-profit entities seeking tax-exempt status, allowing them to operate without paying federal income tax on their income related to their exempt purposes. Understanding the significance of this form is crucial for any organization aiming to operate as a charitable entity in the United States.

How to use the Form 8718

Using the Form 8718 involves several key steps. First, organizations must gather necessary information about their structure, purpose, and activities. This includes details about the organization’s mission, governance, and financial data. Once all information is collected, the form can be filled out accurately, ensuring that all sections are completed in compliance with IRS guidelines. After completing the form, it must be submitted along with the appropriate application for exemption, typically Form 1023 or Form 1023-EZ, depending on the size and type of the organization.

Steps to complete the Form 8718

Completing the Form 8718 requires careful attention to detail. Follow these steps for a successful submission:

• Gather organizational documents, including bylaws and articles of incorporation.
• Provide a detailed description of the organization’s activities and purpose.
• Complete all required sections of the form, ensuring accuracy in financial information.
• Review the form for completeness and correctness before submission.
• Submit the form along with the application for exemption to the IRS.

Legal use of the Form 8718

The legal use of Form 8718 is governed by IRS regulations that outline the requirements for tax-exempt status. Organizations must ensure that their activities align with the criteria set forth by the IRS to qualify for exemption. This includes adhering to restrictions on political activities and ensuring that the organization operates primarily for charitable purposes. Failure to comply with these regulations can result in the denial of tax-exempt status or revocation of existing status.

Filing Deadlines / Important Dates

Organizations must be aware of specific deadlines related to the submission of Form 8718. Generally, applications for tax-exempt status should be filed within 27 months of the organization’s formation to avoid penalties and ensure retroactive tax-exempt status. It is important to check the IRS website for any updates or changes to deadlines, as these can vary based on legislative changes or IRS policies.

Required Documents

When submitting Form 8718, certain documents must accompany the application to provide the IRS with a comprehensive understanding of the organization. Required documents typically include:

• Articles of incorporation or organization.
• Bylaws governing the organization.
• Financial statements or budgets.
• Detailed descriptions of activities and programs.

Form Submission Methods (Online / Mail / In-Person)

Form 8718 can be submitted through various methods, depending on the preferences of the organization. The IRS allows for electronic submission through their online portal, which can expedite the processing time. Alternatively, organizations may choose to mail the completed form to the appropriate IRS address. In-person submissions are generally not accepted, so it is important to ensure that the chosen method aligns with IRS guidelines to avoid delays.