New Form 1023-EZ Issued by the IRS
Providing a new streamlined process for smaller organizations, the Internal Revenue Service (“IRS”) Exempt Organizations Division has released a shorter, easy-to-use tax-exempt application form. The application, Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, reduces the IRS’ workload by focusing on information essential to determining an organization’s exempt status and lowering application backlog. Due to the simplified form, it is anticipated that up to 70 percent of applicants will qualify for the tax exemption.
For the full story on Form 1023-EZ, check out the American Institute of Certified Public Accountants’ blog. To learn about Cherry Bekaert’s Education and Nonprofit services, visit our industry pages or contact Janice Ratica.