Wednesday, July 16, 2014
IRS Adopts New Short Form For Applications By Small Charities
The Internal Revenue Service announced on July 1 that it has adopted a new Form 1023-EZ that will streamline the process of applying for 501(c)(3) status for small non-profit and religious groups. The new form is only 3 pages long, instead of the 26-page long form. It will be available to most charities with gross receipts of $50,000 or less and assets of $250,000 or less. The new form must be filed electronically. In an interview with Time earlier this week, Internal Revenue Service Commissioner John Koskinen says the change will allow the IRS to clear up the 66,000-application backlog that it faces.