By Amy Manzelli
Published: June 12, 2015
In a acceptable change for organizations gluttonous tax-exempt status, the IRS has issued a new 1023-EZ form.
Unveiled aftermost July, the anatomy saves money, time and cardboard for organizations gluttonous accommodating status. Cut from a diffuse 26 pages to a three-page form, it’s accepted that the new beneath anatomy will acceptable cut acknowledged fees in affiliation with filing the anatomy at atomic in half. This is abundant account for abate organizations that are acceptable to authorize for filing the form.
With abate budgets, any accumulation in acknowledged costs, as able-bodied as agents time and associated fees, is a big accession to the assignment abate accommodating organizations do. The IRS expects 70 percent of organizations to be acceptable to use the new 1023-EZ Form.
In adjustment to authorize to use Anatomy 1023-EZ, an alignment charge accept anniversary gross receipts of $50,000 or beneath and absolute assets of $250,000 or less. In accession to acid the breadth of the form, the user fee associated with the anatomy has been cut from $850 to $400.
The IRS expects that the new Anatomy 1023-EZ will abbreviate the excess for approval of organizations gluttonous tax absolution by bisected – from 180 canicule to 90 days. In announcement the new form, the IRS said it had added than 60,000 Anatomy 1023 applications pending, with abounding cat-and-mouse approval for added than nine months.
If you are an alignment that has advised gluttonous 501(c)(3) designation, the IRS has fabricated the accommodation abundant clearer. With a beneath form, beneath cat-and-mouse time, abate appliance fee and alertness fees cut in half, the time is now.
The change bureau the IRS can now focus its assets on the acquiescence ancillary of accommodating action rather than reviewing a crushing anatomy that was unnecessarily circuitous for both the organizations as able-bodied as the agency. And nonprofit organizations can now focus their assets on their altruistic passion.
Attorney Amy Manzelli, is a affiliate and part-owner of BCM Environmental & Land Law, Concord. She can be accomplished at 603-225-2585 or [email protected]
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