What are the public disclosure requirements for tax-exempt organizations?
All tax-exempt applications mailed after July 15, 1987, must be made available for public inspection along with IRS Form 1023 or 1024 and any letters or documents issued by the IRS in response to the tax-exempt application. Copies of the IRS 990 annual returns must also be available for public inspection during normal business hours. Penalties will be imposed for failure to comply. Q: What are the filing requirements for tax-exempt organizations? A: Tax-exempt organizations must file Form 990, an annual information report, and annual report. Q: May I prepare my own exempt application? A: Yes, you may, but it is not advisable. Most problems arise from improperly completed applications. Technical help from a tax lawyer can avert problems in the application process. Q: What is Unrelated Business Taxable Income? A: Unrelated Business Taxable Income, commonly referred to as UBI, is income earned by the church which is not related to its tax-exempt function, such as income from a bookstore,
