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New IRS Form 1023-EZ May Speed Up 501(c)(3) Tax-Exempt Status Applications

On July 1, 2014, the Internal Revenue Service announced the release of the new Form 1023-EZ, a shorter application aimed to help small charities apply for 501(c)(3) tax exempt status.  Compared with the 26-page Form 1023, this three-page form is expected to streamline the application for small organizations and speed up the approval process.  The IRS’s current backlog of 501(c)(3) applications is more than 60,000, dating back to October 2013.

The 1023-EZ must be filed online after verifying eligibility using the 1023-EZ Eligibility Worksheet.  Generally, organizations with gross receipts of $50,000 or less and assets of $250,000 or less qualify to complete this shorter form.  For more information about the 1023-EZ, click here or contact the GKH Corporate and Organizations Practice Group.