The Internal Revenue Service has introduced a new 1023-EZ form that shortens the application that charities need to submit if they want to be granted tax-exempt status under Section 501(c)3 of the Tax Code.
The new Form 1023-EZ, which was posted Tuesday on IRS.gov, is three pages long, compared with the earlier 26-page Form 1023. The IRS said that most small organizations, including as many as 70 percent of all applicants, already qualify to use the new streamlined form. Most organizations with gross receipts of $50,000 or less and assets of $250,000 or less are also eligible.
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