Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

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New Form 1023-EZ Released

On July 1st, in Rev. Proc. 2014-40, the IRS released the much anticipated Form 1023-EZ application which is intended to make it easier for smaller organizations who wish to apply for 501(c)(3) status. The new application is a much simplified version of the full Form 1023 and must be filed electronically. Mirroring the 990-N eligibility requirements, the streamlined application process is generally available to organizations that anticipate having annual gross receipts of $50,000 or less and assets of $250,000 or less.  The user fee is also reduced to $400 (down from the $850 required for the full 1023).  It is hoped that the new application process will help relieve the huge backlog of IRS exemption applications. The IRS currently has more than 60,000 pending applications for exemption, many of which have been waiting for approval for more than 9 months. 

The new Form 1023-EZ can be found at  http://www.irs.gov/pub/irs-pdf/f1023ez.pdf, and the instructions to the form are at: http://www.irs.gov/pub/irs-pdf/i1023ez.pdf.  For the full revenue procedure, see http://www.irs.gov/pub/irs-drop/rp-14-40.pdf.   For more information about the new form, see, http://www.irs.gov/uac/Newsroom/New-1023-EZ-Form-Makes-Applying-for-501c3Tax-Exempt-Status-Easier-Most-Charities-Qualify.

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