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Form 1023 is a United States IRS tax form, also known as the Application for Recognition of Exemption Under 501(c)(3) of the Internal Revenue Code. It is filed by nonprofits to get exemption status. On January 31, 2020, the IRS abandoned the paper format of the form 1023.
Condo associations must also shore up repair funding reserves. This law was introduced after the Surfside tragedy in 2021, in which 98 lives were lost when a 12-story condo collapsed.
Association law is a term used in the United States for the law governing not-for-profit corporations under various tax codes. This includes charitable organizations, which are generally classified under 501(c)3 in the IRS Tax Code, professional societies, guilds and trade associations, which are classified under 501(c)6, and homeowner associations, which are classified under 501(c)4.
The predecessor of Internal Revenue Code Section 501(c)(7) was part of the Revenue Act of 1913, which provides a tax-exemption to "fraternal beneficiary societies, orders, or associations operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system". [88]
The issue of who controls common spaces — the condo units owners and their associations or the developer — has been at the center of several South Florida lawsuits, with courts recently ...
At the Palm Bay Yacht Club, condo owners were told they would need to pay for a $33 million construction project, prompting a group of residents to sue the condo board, the building management ...