The IRS has announced plans to offer a much simpler form for many charities to apply for tax-exempt status. Most charities that expect to have no more than $200,000 in annual gross receipts and total assets of less than $500,000 will be eligible to use the form. Whereas the current Form 1023 is 26 pages, the draft Form 1023-EZ is only 3 pages. The IRS’s goal is to streamline the application process while also freeing up resources to concentrate more on compliance with established charities. The IRS is currently accepting comments on the draft Form 1023-EZ and is expected to begin accepting them later this summer.
The draft Form 1023-EZ is available at: http://www.irs.gov/pub/irs-dft/f1023ez–dft.pdf
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