Earlier this month, the IRS issued revised procedures for several important matters affecting exempt organizations (including those commonly referred to nonprofits).   In particular, some of these revisions address the new streamlined application for tax exempt status.  Qualifying organizations may be able to save themselves considerable time and expenses by applying for tax exempt status using the recently developed Form 1023-EZ. These qualifying organizations will also receive confirmation of the their tax exempt status considerably faster than they would under the standard application process.

To take advantage of the streamlined procedures, organizations must satisfy several criteria regarding their past and future receipts, and the value of their assets.  On the other hand, the procedures include a long list of 21 types of organization that may not use the streamlined procedures.  Organizations should review all of the instructions and procedure before attempting to apply under the streamlined process.

These and other recently published IRS guides for exempt organizations can be found here.

Contact Zak Shusterman to discuss your organization’s eligibility for the new streamlined procedures or the standard procedures, as well as any other questions you might have about maintaining your organization’s tax exempt status.