Question: Form 1023

We purchased your PTO Start Up Kit to aid us in filling out the IRS form 1023. Under Part II, Line 4b...you tell us to check NO. The IRS then asks for an explaination if you do check NO. The PTO kit doesn't tell how to explain that answer nor does your check list of what attachments to include with the application tell us to include it. Not sure if it needs to be done or not??? Any help would be appreciated.

Asked by Anonymous

Answers:

Advice from PTO Today

Craig writes:
Question 4b is for trusts -- if you check yes to 4a (we're a trust) and no to 4b (funding), the IRS wants an explanation. Since PTOs are not trusts, you can either check no to 4b and not provide an explanation (or write "Not a trust") or you can leave 4b blank.