Authored by Sharon Smith
On July 1, 2014, the IRS released a new Form 1023-EZ for small organizations to file for tax-exempt status. Effective for use immediately, instructions are posted on IRS.gov. Most small organizations with gross receipts of $50,000 or less and assets of $250,000 or less can use this new form. The IRS predicts that 70% of all applicants will be eligible. If you want to see if your organization is eligible, complete the “Eligibility Worksheet” that is contained in the Instructions for Form 1023-EZ.
