IRS Releases Shortened Tax-Exempt Application Form
July 2, 2014
Today the IRS has released a shorted version of Form 1023, used to apply for tax-exemption under section 501(c)(3). The new Form 1023-EZ will serve as an alternative for small organizations, those with gross receipts under $50,000 and less than $250,000 in assets, to apply for exempt status without completing the lengthy 26 page full Form 1023 application. In addition to form 1023-EZ, applicants are also required to file a questionnaire, included in the instructions, to ensure their eligibility. The IRS has released the streamlined form to help reduce the backlog of roughly 60,000 501(c)(3) applications and allow small organizations to devote more time and energy to their exempt purpose. More information on Form 1023-EZ and application for tax-exempt status can be found on the IRS website.