Recent News

Please check out our most recent newsletter

http://newsletters.lawyersweekly.com/estate-planning/?e=fitzgerald

New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier

(July 1, 2014)

The Internal Revenue Service recently introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily.

The new Form 1023-EZ, available on IRS.gov, is three pages long, compared with the standard 26-page Form 1023. Most small organizations, including as many as 70 percent of all applicants, qualify to use the new streamlined form. Most organizations with gross receipts of $50,000 or less and assets of $250,000 or less are eligible.

The change will allow the IRS to speed the approval process for smaller groups and free up resources to review applications from larger, more complex organizations while reducing the application backlog.

The new EZ form must be filed online, using pay.gov, and a $400 user fee is due at the time the form is submitted.. The instructions include an eligibility checklist that organizations must complete before filing the form.

Further details on the new Form 1023-EZ application process can be found in Revenue Procedure 2014-40, posted today on IRS.gov.